• Argentina will default on its debt in about 4 hours unless a deal is reached
    42 replies, posted
[QUOTE=Ericson666;45551284]So one group literally managed to fuck over an entire country?[/QUOTE] How that Congress of yours?
[QUOTE=Cakebatyr;45551695]How that Congress of yours?[/QUOTE] They might use defaulting on debt as a political football, but at least enough of them have their heads screwed on tight enough that they wouldn't actually go through with it.
[QUOTE=FlashMarsh;45548742]I'm almost certain they defaulted on that already like 15 years ago[/QUOTE] What's with this then? [url]http://www.independent.co.uk/news/business/news/britain-under-fire-for-demanding-argentina-pay-back-juntas-debts-9457826.html[/url]
[QUOTE=JustExtreme;45551735]What's with this then? [url]http://www.independent.co.uk/news/business/news/britain-under-fire-for-demanding-argentina-pay-back-juntas-debts-9457826.html[/url][/QUOTE] Crazy that people in their 20s-30s are being burdened with debt run up form before they were born.
Nows our chance Britain! FOR THE FALKLANDS!
Shit. Had an exchange student from Argentina finishing today, he heads back tomorrow. How fucked is he?
[QUOTE=mdeceiver79;45551859]Crazy that people in their 20s-30s are being burdened with debt run up form before they were born.[/QUOTE] Indeed I thought the standard procedure was to abolish debt from past autocratic regime and dictator run nations to give them a chance to thrive. I guess not.
[QUOTE=JustExtreme;45552021]Indeed I thought the standard procedure was to abolish debt from past autocratic regime and dictator run nations to give them a chance to thrive. I guess not.[/QUOTE] It certainly should be the procedure (I'm not sure it is though?). That or fairer lending to not let it get out of hand. Debt is a really shitty thing, especially when stuff like the World Bank gives HUGE loans with conditions of lowering minimum wage and selling of public assets to private companies (corrupt politicians WILL do this at a discount rate to their friends). It might help the country in the short term but in the long run it is the people who pay for it dearly.
[QUOTE=JustExtreme;45552021]Indeed I thought the standard procedure was to abolish debt from past autocratic regime and dictator run nations to give them a chance to thrive. I guess not.[/QUOTE] Kind of assumes that behavior is in the past- is it?
Yes. Argentina isn't run as a perfect bastion of democracy, very few places are, but it certainly isn't run by anything close to autocratic regime anymore.
Fuck hedge funds.
[QUOTE=mdeceiver79;45552272]It certainly should be the procedure (I'm not sure it is though?). That or fairer lending to not let it get out of hand. Debt is a really shitty thing, especially when stuff like the World Bank gives HUGE loans with conditions of lowering minimum wage and selling of public assets to private companies (corrupt politicians WILL do this at a discount rate to their friends). It might help the country in the short term but in the long run it is the people who pay for it dearly.[/QUOTE] It isn't standard procedure but certainly seems like it should be. Indeed debt is a really shitty thing and the whole deregulation and privatisation agenda pursued by the World Bank as conditions for its loans is disgraceful and destructive. [editline]31st July 2014[/editline] [QUOTE=uber.;45552534]Fuck hedge funds.[/QUOTE] Vulture funds too. Cunts. [QUOTE]The vulture funds bought up billions of dollars worth of Argentina’s debt in the early 2000s when the country’s economy was on its knees and its people were suffering horrendous poverty. Defaulting on its debts was the only option. 93% of lenders agreed to reduce Argentina’s debt burden, and the country’s economy has recovered. [B]But vulture funds have spent more than a decade demanding the full amount plus interest and penalties. [/B]The decade-long legal battle has been called the ‘debt trial of the century’. [B]We believe there is no ethical justification for Argentina making this payment.[/B] These ‘vulture funds’ never lent money to Argentina – they are profiteering from a country in debt crisis. What’s more, many of the debts originate from the time of Argentina’s brutal military dictatorship – many Argentinians argue they should not be repaid at all.[/QUOTE] ([url]http://jubileedebt.org.uk/actions/support-argentinas-fight-against-vulture-funds[/url])
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