Looks like the INET organization may be coming into some more "money", story from Reuters via Yahoo! here.
Argentine President Cristina Fernandez on Monday will meet bondholder and billionaire financier George Soros, who is suing a U.S. bank caught in the middle of the country's latest debt default, a government minister said.
The meeting comes as Fernandez's leftist government struggles to kick-start growth and contain runaway consumer prices after failing to complete a June interest payment to Soros and other holders of bonds restructured after a previous default.
Argentina last week enacted a new law removing BNY Mellon as trustee and replacing it with a state-controlled bank in Buenos Aires. In an advertisement published in local papers on Monday, Argentina again demanded the U.S. bank "resign" as paying agent.I don't see how it could be helpful to get rid of BNY as a 'paying agent' for a USD liability and replace it with an Argentine state bank...
It would seem to me that the US Fed could help by forcing a 3-way deal between the US Fed, the Argentine CB and any number of other CBs that are holding $Trillion of USD balances as official reserves... but I suppose this could be seen as violating so-called 'free market' libertarian principles so it doesn't happen
Libertarianism strikes again and the chaos-fest continues.
7 comments:
Why is ARgentina paying anyone back? Especially in dollars? Fuck 'em. Argentina is a major food producer and it (stupidly) exports petroleum and natural gas, which it could keep and use for its own energy needs. It doesn't need to sell its output for dollars. Nor does it need to impoverish its own people to pay back some scumbag hedge fund operators. I say, fuck 'em, ARgentina.
It's going to take a critical mass for this to happen on a sufficiently large scale to get beyond the neoliberal world order that the globalists are imposing. But they are working hard at pissing off enough people to build up that critical mass and they are generating a whole lot of immiseration doing it.
The backlash could be fierce. Hopefully it won't lead to more wars. But the massive coordinated military might of the Atlanticists is basically to protect the property of the elite and ensure continued access to territory and resources.
Tom, it'll lead to more wars for sure. It seems like not a day goes by now when we aren't sending troops somewhere or bombing someone for something. If these financial creeps keep complaining enough I'm sure we'll be sending troops to collect debts pretty soon. Just like the 17th century.
But if they were 'experts' and all smart, why would they move away from the US bank when it has to be a US bank that ultimately has to credit the Soros account with the USDs they hope to get back?
Hey Soros people, here is where you have to get these USDs:
http://www.treasury.gov/ticdata/Publish/mfh.txt
This spreadsheet is run by the Fed not Argentina....
Maybe they can get them from Belgium Mike? They seem to be awash in USDs now... ;)
But Mike my point is you in 5 minutes could outline a deal that would get them out of this without a shot being fired.... these people dont even know how these systems work ..... I can tell from reading this that they all think "money is money" or something....
rsp,
As someone in a family that exports agricultural goods from Argentina, I would say that there is some internal Argentine demand for dollars...not to buy anything for sale in dollars necessarily but as a savings vehicle. The peso, past present and likely in the future, is a poor store of value and Argentines are very distrustful of their currency for good reasons.
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