Skip to main content

Home/ Socialism and the End of the American Dream/ Group items tagged sovereign-debt-restructurings

Rss Feed Group items tagged

Filter: All | Bookmarks | Topics Simple Middle
Paul Merrell

Brazil, Mexico, France to back Argentina in bonds case in U.S. court | Reuters - 0 views

www.reuters.com/...rgentina-idUSBREA2K1XP20140321

banksters sovereign-debt-restructurings Argentina litigation

shared by Paul Merrell on 22 Mar 14 - No Cached
  • (Reuters) - Brazil, France and Mexico are expected to file papers in the U.S. Supreme Court on Monday backing Argentina in its legal battle with bondholders who refused to take part in debt restructurings from the country's 2002 default, according to a source familiar with the litigation. Lawyers for the three countries will support Argentina's request that the high court review a court order requiring it to pay $1.33 billion to "holdout" creditors led by hedge funds Aurelius Capital Management and NML Capital Ltd, a unit of billionaire Paul Singer's Elliott Management Corp.France had previously supported Argentina in an unsuccessful attempt last year to obtain Supreme Court review at an earlier stage of the legal fight.
  • The litigation has created concerns about a potential debt crisis. Argentina defaulted on $100 billion more than a decade ago.The case is being closely watched because of its potential impact on future sovereign debt restructurings.
  • Creditors holding about 93 percent of Argentina's bonds agreed to participate in the two previous debt swaps in 2005 and 2010, which gave them 25 to 29 cents on the dollar.The case is Argentina v. NML Capital, U.S. Supreme Court, 13-990.
Gary Edwards

$29,000,000,000,000: A Detailed Look at the Fed's Bailout by Funding Facility and Recip... - 0 views

ideas.repec.org/...wp_698.html

Liberty-Tryanny Liberty Banksters Federal-Reserve-Bankster-Cartel banksters

shared by Gary Edwards on 16 Dec 11 - No Cached
  • Gary Edwards on 16 Dec 11
     
    Stunning stuff.  No need to bailout the European Banks because the Federal Reserve has already done that!!! The Levi Institute of Economics has published the details of the Federal Reserve's International Bankster bailout from late 2007 to 2009.  It's far more than the $16.2 Trillion the GAO audit uncovered in July of 2010.  It's far more than the $7.77 Trillion Bloomberg discovered in their Freedom of Information action against the Federal Reserve.  Researching the "recipients" of the USA Federal reserve Bankster largess, the Levi Institute documents a whopping $29 Trillion has been distributed to Bankster coffers at near zero percent interest.   Note that no debt, and no loans of any kind has been purchased, retired, restructured or otherwise dealt with.  The bad loans remain on the books, including crushing interest payments that continue to escalate and accrue.  Debtors continue to fall deeper into debt.  Foreclosure and default loom over public, private and sovereign debtors.  So where did the money go?  $29 Trill is more than enough to retire the entire USA national debt, with interest, and, every mortgage both public and private in the USA. abstract: There have been a number of estimates of the total amount of funding provided by the Federal Reserve to bail out the financial system. For example, Bloomberg recently claimed that the cumulative commitment by the Fed (this includes asset purchases plus lending) was $7.77 trillion. As part of the Ford Foundation project "A Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis," Nicola Matthews and James Felkerson have undertaken an examination of the data on the Fed's bailout of the financial system-the most comprehensive investigation of the raw data to date. This working paper is the first in a series that will report the results of this investigation. The extraordinary scope and magnitude of the recent financial crisis of 2007-09 required an
Paul Merrell

Corrupt "Secret" Global Trade and Investor Agreements: EU Facilitating Corporate Plunde... - 0 views

www.globalresearch.ca/...5372796

banksters trade agreements arbitration vulture-capitalism

shared by Paul Merrell on 12 Mar 14 - No Cached
  • Since the economic crisis hit Europe, international investors have begun suing EU countries struggling under austerity and recession for a loss of expected profits, using international trade and investment agreements. Speculative investors are claiming more than 1.7 billion Euros in compensation from Greece, Spain and Cyprus in private international tribunals for the impact of measures implemented to deal with economic crises. This is the conclusion from a new report released by the Transnational Institute (TNI) and Corporate Europe Observatory (CEO). The report, ‘Profiting from Crisis – How corporations and lawyers are scavenging profits from Europe’s crisis countries’ (1), exposes a growing wave of corporate lawsuits against Europe’s struggling economies, which could lead to European taxpayers paying out millions of euros in a second major public bailout, this time to speculative investors. These lawsuits provide a warning of the potential high costs of the proposed trade deal between the US and the EU, which has just begun its fourth round of negotiations in Brussels.
  • Pia Eberhardt, trade campaigner with CEO and co-author of the report says: “Speculative investors are already using investment agreements to raid the cash-strapped public treasuries in Europe’s crisis countries. It would be political madness to grant corporations the same excessive rights in the even more far-reaching EU-US trade deal.”  The report examines a number of investor disputes launched against Spain, Greece and Cyprus in the wake of the European economic crisis. In most cases, the investors were not long-term investors, but rather invested as the crisis emerged and were therefore fully aware of the risks. They have used the investment agreements as a legal escape route to extract further wealth from crisis countries when their risky investment didn’t pay off.
  • For example, in Greece, Poštová Bank from Slovakia bought Greek debt after the bond value had already been downgraded and was then offered a very generous debt restructuring package, yet sought to extract an even better deal by suing Greece, using the bilateral investment treaty between Slovakia and Greece. In Cyprus, a Greek-listed private equity-style investor, Marfin Investment Group is seeking €823 million in compensation for their lost investments after Cyprus had to nationalise the Laiki Bank as part of an EU debt restructuring agreement. In Spain, 22 companies (at the time of writing), mainly private equity funds, have sued at international tribunals for cuts in subsidies for renewable energy. While the cuts in subsidies have been rightly criticised by environmentalists, only large foreign investors have the ability to sue.
  • ...2 more annotations...
  • Growing controversy around the EU-US trade talks has forced the European Commission to temporarily halt negotiations on the investor rights chapter in the proposed transatlantic deal and announce a public consultation on the issue expected to start this month. ‘Investor rights’ is essentially a big business agenda that constitutes little more than a recipe for the further plundering of economies by powerful corporations. This agenda allows big business to bypass democracy and bully sovereign states into instituting policies that trample over ordinary citizens’ rights in the name of even higher profits (2).  However, the Commission has already indicated that it does not want to abandon these controversial corporate rights, but rather reform them.
  • This whole scenario is but one more ploy to facilitate what has been the biggest shift of wealth from the poor to the rich in modern history (3). The authors state that it is time to turn a spotlight on the bailout of investors and call for a radical rewrite of today’s global investment regime. In particular, European citizens and concerned politicians should demand the exclusion of investor-state dispute mechanisms from new trade agreements currently under negotiation, such as the proposed EU-US trade deal. A total of 75,000 cross-registered companies with subsidiaries in both the EU and the US could launch investor-state attacks under the proposed transatlantic agreement. Europe’s experience of corporate speculators profiting from crisis should be a salutary warning that corporations’ rights need to be curtailed and peoples’ rights put first.
  • Paul Merrell on 12 Mar 14
     
    In my lifetime, I have encountered only a single trade agreement, the Agreement on Technical Barriers to Trade, that I would have supported had I been given the opportunity, and its mandates have been trashed in their implementation. Beware "trade agreements" in general. They are almost uniformly the tools of banksters seeking greater profits at the expense of non-banksters. 
Gary Edwards

OpEdNews - Article: How the Greek economy and IMF might help banksters -- and defeat Ob... - 0 views

www.opednews.com/...-Richard-Clark-110927-365.html

shared by Gary Edwards on 28 Sep 11 - No Cached
  • Something else to consider:   our Federal Reserve is heavily invested in those European banks, and has, in a very real sense, 'loaned' them hundreds of billions dollars of our tax money.   And so, if they go, we go.   In other words, American taxpayers will once again be responsible for "taking up the slack."
    • Gary Edwards
      Gary Edwards on 28 Sep 11
       
      The first time ever July 2011 GAO audit of the Federal Reserve has $3.08 TRILLION dollars being transferred to European Banksters in 2009-2010.  The Quantitative Twist Program announced by head Bankster Bernake in early September 2011 has these same Euro Banksters cued up for trillions more.  This cash infusion from American taxpayers bails out the Euro Banksters without solving the soveriegn debt problems that are the real issue.  Imagine if the bailout went to pay off the sovereign debt?  No restructuring of existing loans.  Just a simple $3.08 Trillion @ Ford Corp interest rate of .89%, coupled with a 30% reduction in government and government pension funds.  Why bail out failing Banksters who made bad loans and really bad decisions, when the problem is failing nations?
1 - 4 of 4
Showing 20▼ items per page