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:

Argentina Battles in Two World Cups

by Andrew Hanauer Friday, Jun. 13, 2014 at 1:15 PM
outreach@jubileeusa.org

While National Team Prepares to Face Bosnia, Government Fights Hedge Funds at US Supreme Court

While Argentina prepares to face Bosnia Sunday in the first round of the World Cup, the South American soccer power faces a second major contest in a very different venue. The United States Supreme Court will announce in June if it will hear Argentina vs NML Capital that impacts the operation of the global financial system. The Financial Times has called the case the "Debt Trial of the Century."

"If Argentina loses at the Supreme Court, not even the great Lionel Messi will be able to reverse the damage," said Eric LeCompte, Executive Director of Jubilee USA, a religious anti-poverty organization. "The stakes are high in this World Cup of debt and Argentina fans are watching the US Supreme Court as much as they are watching Brazil."

The case dates back to Argentina's 2001 default. While nearly 93% of the country's creditors agreed to a deal with Argentina to restructure its debts, a small group of hold-outs refused the deal and sued. This group included hedge funds that specialize in purchasing the distressed debt of impoverished countries and then suing to claim assets freed up to support poor populations through debt relief. Because these funds purchase debt for pennies on the dollar and then litigate to collect when a country is making a recovery or has assets from debt relief earmarked for the poor, these hedge funds are popularly referred to as "vulture funds."

"Argentina has a much bigger problem than anything it will face in Group F," added LeCompte, who works on four United Nations expert panels on debt and human rights. "These predatory hedge funds threaten to throw Argentina into default."

This week, a delegation of Argentine lawmakers arrived in Washington to thank the Obama Administration and US government for their support. In an allusion to the World Cup, Argentine Lower House Speaker Julian Dominguez presented US Congressman Xavier Becerra with a Lionel Messi jersey.

Numerous countries participating in the soccer tournament have connections to the Argentina/hedge fund dispute. France, Mexico, Brazil and the United States have filed briefs on behalf of Argentina at either the Supreme Court or the appeals court level. Ghana temporarily seized an Argentine ship for the hedge funds then released it after an order from the supreme court of Ghana. German courts have ruled in Argentina's favor in related lawsuits and Belgium and the United Kingdom have passed laws restricting these hedge funds. Honduras and Cameroon are among the countries that have been sued by these types of hedge funds. Representing 79 US Religious and Development organizations, Jubilee USA filed to the Supreme Court urging it to take the case because a court precedent will impact people living in extreme poverty.

"The Supreme Court's decision could equip predatory funds with a precedent that traps countries in poverty," added LeCompte. "There are two things most of the world agrees on, soccer is fun and exploiting poor people for profit is wrong."

Read how the International Monetary Fund is trying to help Argentina: http://www.jubileeusa.org/press/press-item/article/imf-reviews-international-financial-crises-solutions.html

Read a timeline and history of the case: http://www.jubileeusa.org/truth-about-debt/vulturefunds/argentina.html

Read Jubilee USA's Supreme Court Filing in Support of Argentina:http://jubileeusa.org/fileadmin/13-990__-991_Amici_Brief_filed_3-24-14.pdf




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



Freenet/Sone comments box:

This is a comment system called babcom, which is a decentralized, anonymous, encrypted, troll-resistant, comment system that runs atop Freenet. These comments are not stored on this IMC server - they exist in the Freenet cloud, and you must be running Freenet and Sone to see the comments. Install Freenet and try it out.

Use Node:

⚙ Babcom is trying to load the comments ⚙

This textbox will disappear when the comments have been loaded.

If the box below shows an error-page, you need to install Freenet with the Sone-Plugin or set the node-path to your freenet node and click the Reload Comments button (or return).

If you see something like Invalid key: java.net.MalformedURLException: There is no @ in that URI! (Sone/search.html), you need to setup Sone and the Web of Trust

If you had Javascript enabled, you would see comments for this page instead of the Sone page of the sites author.

Note: To make a comment which isn’t a reply visible to others here, include the red link below somewhere in the comment text.

Add this link to the comment:

Local News

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

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

March Against Air France J31 8:46PM

Statement on Repression of Anarchist and Socialist Activity in Long Beach, CA J14 8:52AM

A Unique Theatrical Double Feature: “Dutchman” And “Train To Zakopane” At Edgemar Center J09 11:27AM

Occupy the Rose Parade: People’s Parade Follows Pasadena’s Tournament of Roses Parade J03 12:51AM

Demo Against Repression Outside Spanish Consulate in Los Angeles D26 4:37PM

The Electrical Divide: car charger deserts D23 12:37PM

ADI awards Congressman Jim Moran the 2014 Animal Champion Award for his dedication to end D19 12:07PM

More Local News...

Other/Breaking News

Cosmetic Surgeries Rise in Gaza M01 6:42AM

NYT Editors Supp;ort Fascist Extremism M01 5:13AM

Le capitalisme est le crime organisé M01 2:07AM

BACKGROUNDER: The Palestinian Claim to a “Right of Return” F28 5:26PM

Kiev Junta Ascendancy to Power Big Lies F28 10:04AM

Nemtsov Murdeer: Anti-Putin False Flag! F28 3:35AM

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

KPFK is an integral part of Pacifica... problems infect our LA station. F27 11:38AM

Canadian Pigs Beaten, Electroshocked, Frozen, Suffocated, Injured, Die Of Thirst, Heat F27 10:07AM

The Scourge of US-Installed Fascism in Europe's Heartland F27 9:20AM

Gitmo in Chicago F27 4:13AM

Paraphysique des spin doctors F26 11:41PM

The Renter Nation - Homes for All.org, 27pp F26 5:01PM

The Shortwave Report 2/27/15 Listen Globally! F26 4:59PM

Irony of Our Times F26 4:48PM

what's In Organic Uncooked Fruit F26 12:29PM

Grand Theft Netanyahu? F26 11:47AM

US Diplomats Paid to Lie F26 8:46AM

Raging Anti-Russian Propaganda F26 4:08AM

Nazi Kiev Offiial Greeted in Ottawa and Washington F25 11:41AM

Kiev's Dr. Strangelove F25 9:37AM

Kiev Junta Plans Renewed Aggression F25 4:36AM

La farce électorale F25 4:17AM

NJ Bill to Legalize Cannabis, Gov. Christie Threatens Veto F25 2:25AM

Dams that dont exist flood gaza F24 11:47PM

The World Does Not Forgive fbi / cia Atrocities F24 4:19PM

KPFK FUND DRIVE drives on and on and on ..... F24 11:51AM

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