Thursday, November 22, 2012

Lets us hope...

...that this highly contested transfer of a Billion dollars remains peaceful.  To be the manufacturer and final arbiter for global rule-sets is an awesome power.  A precarious time indeed to be bearish for the U.S.A.

As for Argentina, they will pay.  Then they will slouch into authoritarianism with yet more overtures concerning the Falklands.

BUENOS AIRES (AP) — Argentina has finally run out of wiggle room in a billion-dollar showdown over foreign debts unpaid since the country’s world-record default a decade ago.
Late Wednesday, a federal judge in New York ordered Argentina to pay immediately and in full everything it owed to what the Argentine president calls “vulture funds” that she blames for much of her country’s troubles. That adds up to $1.3 billion, due Dec. 15.
The judge also barred Argentina from paying other bondholders until it satisfies this judgment, putting the president’s back against the wall: if President Cristina Fern├índez doesn’t reverse her longstanding position and pay up, she risks setting off another Argentine debt default, this time totaling more than $20 billion.
“It is hardly an injustice to have legal rulings which, at long last, mean that Argentina must pay the debts which it owes,” Judge Thomas P. Griesa of Federal District Court concluded. “After 10 years of litigation, this is a just result.”

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