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 - json 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


Local News

New Zine on Activist Collective Living A29 9:19AM

LA Fields Two Marches Against Police Executions Photoset 2 of 2 A21 9:09PM

LA Fields Two Marches Against Police Executions Photoset 1of 2 A21 7:01PM

Running Down the Walls 2014 A20 8:48PM

Weaving the Past: Journey of Discovery Extends Exclusive Engagement A19 3:37PM

Los Angeles Declares “Hands Up!” in Peaceful Protest of LAPD Murder of Ezell Ford A18 4:09AM

Ezell Ford and Ferguson Solidarity A17 6:35PM

Family and Supporters of #Justice4Fords Protest LAPD Execution of Ezell Ford in South L.A. A17 2:49PM

Southern California Swarms to Save the Bees in Solidarity with Honey Bee Day Around the Gl A17 5:30AM

L.A Supports August 2nd International Gaza Protest Photoset 4 A05 7:03PM

L.A Supports August 2nd International Gaza Protest Photoset 3 A05 6:45PM

More about KPFK via Pacifica turmoils A05 6:29PM

L.A Supports August 2nd International Gaza Protest Photoset 2 A05 6:23PM

L.A Supports August 2nd International Gaza Protest Photoset 1 A05 11:36AM

Demonstration in Support of Persecuted Christians Saturday A02 10:40AM

Water in California - info proliferated now is dubious J28 5:04PM

Pacifica clearly endangered. Reposting info here: J28 2:34PM

Video: Occupy Love (2013), 1 hr 19 min J28 4:43AM

Who declares themselves to be the ultimate-only-valid-authority here on current wars elsew J27 11:11AM

More Local News...

Other/Breaking News

Irresponsibly Challenging Russia A30 6:14AM

Flashback to 2013: Obama: "I am ready to bomb Syria" A29 2:37PM

Al Sharpton 170 lb. wt. loss as Vegan A29 2:19PM

Fact-Checking Obama A29 2:17PM

Pepsi Burning Animals Alive In Going Back To Sugar A29 1:06PM

Ninos Perdidos del Sur A29 10:54AM

Banks and Investors Challenge Predatory Funds Solutions Fall Short of Comprehensive Prot A29 10:33AM

Are some activists star children and now indigo adults? A29 7:51AM

Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case A29 7:26AM

Gaza War Postmortems A29 5:30AM

Big Lies Risk Confrontation with Russia A29 4:10AM

Philippines: Charter change and foreign ownership of land not solution to development A29 3:13AM

Infobésité ou faux évergétisme A28 11:49PM

The Shortwave Report 08/29/14 Listen Globally! A28 4:40PM

Wasecans hope trip to Ghana makes a difference A28 1:27PM

Targeting Syria A28 11:42AM

The Russians Are Coming Big Lies A28 5:11AM

Washington Sabotages Russian/Ukrainian Summit A27 1:29PM

The unconditional basic income - a social concept for Europe A27 10:49AM

Gaza Ceasefire: Hold the Cheers A27 6:04AM

Ottawa, Kansas Police Cure for Depression is 16 Bullets A27 4:08AM

Turkey is training ISIS / Islamic State A26 2:58PM

Did Obama really save the Yezidis? A26 2:38PM

Obama Declares War on Syria A26 12:43PM

What we're being told about ISIS just doesn't add up A26 12:29PM

Another No-Peace Ceasefire A26 12:23PM

Mejicanada angelina rechaza contundentemente al "Presidente" Peña Nieto A26 12:19PM

Joseph Stiglitz Calls for Fair Taxes for All A26 5:05AM

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