imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Tell the NSA: StopWatching.US

Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - js reader version - email this article - view hidden posts - tags and related articles
link:

Supreme Court Justices Consider Hearing Argentina Hedge Fund Debt Case

by Erin Kelso Thursday, Jun. 12, 2014 at 12:01 PM
outreach@jubileeusa.org

US Supreme Court justices will decide next steps in the Argentina vs NML Capital debt case today. The case dates back to 2001 when Argentina defaulted on its debts and a group of predatory hedge funds purchased some debt for pennies on the dollar. The hedge fund NML Capital leads a group of hold-out creditors in suing the country for more than $1 billion. The case will set a precedent that will impact the functioning of the global financial system. Supreme Court justices will decide to formally hear the case or ask the US Justice Department to issue an opinion.

US Supreme Court justices will decide next steps in the Argentina vs NML Capital debt case today. The case dates back to 2001 when Argentina defaulted on its debts and a group of predatory hedge funds purchased some debt for pennies on the dollar. The hedge fund NML Capital leads a group of hold-out creditors in suing the country for more than $1 billion. The case will set a precedent that will impact the functioning of the global financial system. Supreme Court justices will decide to formally hear the case or ask the US Justice Department to issue an opinion.

"It's most likely that the justices will ask the opinion of the US Solicitor General," noted Eric LeCompte, Executive Director of Jubilee USA and a member of United Nations expert groups focusing on this case. "Asking the opinion of the US government is good news for Argentina as the Justice Department has continually stood on the side of Argentina in this case."

If the Supreme Court asks the opinion of the US government we may not know until the end of the year if the case will be heard. In a related "discovery" case before the Supreme Court, the US government has sided with Argentina. In lower courts the US government has consistently argued that the hold-out creditors should take the same deal that nearly 93 percent of bondholders agreed to. The US Treasury and the White House continue to express support for Argentina because of the case's impacts on US bipartisan debt relief policy, global debt restructuring and poor country access to credit. In March, France, Brazil and Mexico all filed amicus curiae briefs on behalf of Argentina before the Supreme Court. Jubilee USA also filed to the Supreme Court on behalf of 79 religious and development institutions urging the high court to take the case because of the impacts on world-wide extreme poverty.

In addition to Argentina's support from the religious community and the US government, the World Bank, legitimate investors and the International Monetary Fund (IMF) have all expressed their concern if the predatory hedge funds win. Last week, the IMF reaffirmed support for Argentina, declaring itself "deeply concerned" about the potential impact the case could have on the ability of countries to restructure their debts, allowing the global financial system to operate.

"The court's final decision will impact debt restructuring around the world and poor country access to credit," said LeCompte. "The stakes could not be higher."

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. http://www.jubileeusa.org
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

RAC-LA Community Center Badly Needs Your Support A14 10:09PM

Meet Green elected school board members, Sunday, March 29 in LA - 4pm M26 2:36AM

Californians Shame Regulators For Teaching Big Oil How To Skirt Law and Pollute Our Water M25 5:28PM

Next "Star Wars" to score in Los Angeles for First Time in Franchise History M25 10:43AM

Los Angeles Stands Up for Women's Rights M10 9:25PM

American Flag Banned from UC Irvine M06 10:38PM

Conversations with 3 HOLES AND A SMOKING GUN M06 5:27PM

Indymedia and the Cyber Left M01 4:03PM

FEDS ALLOW LAWSUIT TO SHUT DOWN DIABLO CANYON TO PROCEED F27 8:18PM

Open Letter to LA indymedia re hardly any more comments F27 12:07PM

Time Warner Now Charging Customers For Over-The-Air Television F14 12:16PM

Sketchy Crusader Against Poor Brandishes Dildo at Council F13 7:23PM

More Local News...

Other/Breaking News

Los Angeles Artist Threatens 40 Million Dollar Law Suit for Public Storage Illegal Auction A20 4:08PM

RAC-LA Community Center Grand Opening A20 1:44PM

The fake sincerity of pro-Palestinian commentators A19 6:59PM

KPFK and Pacifica- woes unrelenting... A19 4:20PM

The Goodness of Mankind Is Threatened A19 1:26PM

Comments on the European Commission's approach to investor-state arbitration A18 11:02AM

World Bank Announces Package of Aid and Loans to Ebola-Affected Countries A17 7:13AM

Paraphysique de l'anarchisme A16 11:02PM

Overdue farewell to dogma A16 7:07PM

The Shortwave Report 04/17/15 Listen Globally! A16 5:04PM

The Sleazy Corporate Thieves of Public Storage: Ronald L. Havner Jr. , B. Wayne Hughes.... A16 2:02PM

Socialist Animalism A16 9:50AM

Federal agents being accused of gross misconduct & assassinations A15 11:31PM

4 Men Murdered 1983 San Pedro, Stat of WW III, Memory Returned 2014, Psych Ops, Video Link A15 8:50PM

BDS Drops Its Veil: Campus Anti-Semitism A15 7:08PM

IMF Reports Debt and Human Crises Drive Uneven Growth A15 7:25AM

Le capital où l'épouvante permanente A14 9:35AM

Pavlovian dogs are today's fbi human torture victims A13 3:28PM

Death in Days: Beware of This Bacteria: Lethal Anthrax Vaccine's Victims A13 9:31AM

research material on meth use A13 5:55AM

Fast Track, TPP and TTIP Should Be Scrapped! A13 4:15AM

A guide to California's water crisis-and why it's so hard to fix A11 6:45PM

Independent Media Guide A11 4:52PM

San Diego State University defeats BDS A11 8:52AM

Paraphysique du prétendu instinct maternel A11 3:23AM

March 2015 Honduras coup update - during high school students strikes: 4 students assassin A10 9:27PM

CLASS ACTION LAW SUIT FILED AGAINST RONALD L. HAVNER JR. 's COMPANY, "PUBLIC STORAGE" A10 1:23PM

Grenada Reaches Debt Deal as Caribbean Mired in Debt Problems A10 9:27AM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy