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offsite link North Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi?

offsite link Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi?

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The Saker
A bird's eye view of the vineyard

offsite link Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
Alternative site: https://thesaker.si/saker-a... Site was created using the downloads provided Regards Herb

offsite link The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
Dear friends As I have previously announced, we are now “freezing” the blog.? We are also making archives of the blog available for free download in various formats (see below).?

offsite link What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker
by Mr. Allen for the Saker blog Over the last few years, we hear leaders from both Russia and China pronouncing that they have formed a relationship where there are

offsite link Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader
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offsite link The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker
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Lockdown Skeptics

The Daily Sceptic

offsite link The Daily Sceptic Christmas Appeal Mon Dec 23, 2024 07:00 | Toby Young
The Daily Sceptic's Christmas Appeal launches today ? an opportunity for readers to show their appreciation of the work we do. Remember, donating just ?5/month or ?50/year will give you access to a range of premium perks.
The post The Daily Sceptic Christmas Appeal appeared first on The Daily Sceptic.

offsite link News Round-Up Mon Dec 23, 2024 01:12 | Richard Eldred
A summary of the most interesting stories in the past 24 hours that challenge the prevailing orthodoxy about the ?climate emergency?, public health ?crises? and the supposed moral defects of Western civilisation.
The post News Round-Up appeared first on The Daily Sceptic.

offsite link Staff at ?100 Million Alan Turing Institute Attack ?Chaotic? Management Amid Diversity Row Sun Dec 22, 2024 19:00 | Richard Eldred
Staff at the ?100 million Alan Turing Institute have erupted in protest over a diversity row, accusing leadership of "tokenistic" hiring and sparking fears that the organisation's credibility is at risk.
The post Staff at ?100 Million Alan Turing Institute Attack ?Chaotic? Management Amid Diversity Row appeared first on The Daily Sceptic.

offsite link ?Our Irish Leaders Have Contributed to Hatred Against Jews? Sun Dec 22, 2024 17:00 | Richard Eldred
Ireland's Chief Rabbi has blasted the country's leaders for fuelling antisemitism, leaving Jewish children hiding their identities and many others afraid to wear symbols of their faith.
The post ?Our Irish Leaders Have Contributed to Hatred Against Jews? appeared first on The Daily Sceptic.

offsite link ?Grocery Tax? to Hike Britons? Shopping Bills by ?56 in Labour Net Zero ?Inflation Boost? Sun Dec 22, 2024 15:00 | Richard Eldred
Labour's "grocery tax" is set to punish British families, slapping an extra ?56 onto their shopping bills and driving up inflation, all in the name of Net Zero.
The post ?Grocery Tax? to Hike Britons? Shopping Bills by ?56 in Labour Net Zero ?Inflation Boost? appeared first on The Daily Sceptic.

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Voltaire Network
Voltaire, international edition

offsite link Voltaire, International Newsletter N?113 Fri Dec 20, 2024 10:42 | en

offsite link Pentagon could create a second Kurdish state Fri Dec 20, 2024 10:31 | en

offsite link How Washington and Ankara Changed the Regime in Damascus , by Thierry Meyssan Tue Dec 17, 2024 06:58 | en

offsite link Statement by President Bashar al-Assad on the Circumstances Leading to his Depar... Mon Dec 16, 2024 13:26 | en

offsite link Voltaire, International Newsletter N?112 Fri Dec 13, 2024 15:34 | en

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Supreme Court Refuses Argentina Debt Case

category international | rights, freedoms and repression | news report author Monday June 16, 2014 22:04author by Jenna Maus - Jubilee USA Network Report this post to the editors

Supreme Court Refuses Argentina Debt Case and Validates Hedge Fund Predatory Behavior. The US Supreme Court denied Argentina's appeal for a hearing today, leaving intact a lower court ruling that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina's restructuring deal. In a final blow, the court also decided that hedge funds can access information on where Argentina holds financial assets around the world. The International Monetary Fund (IMF), legitimate Wall Street investors and the US government had sided with Argentina because of the case's impact on debt restructuring, poor country access to credit and global financial stability.


"I am absolutely shocked by the decision," said Eric LeCompte, Executive Director of the religious anti-poverty organization, Jubilee USA Network. "For heavily indebted countries supporting poor people, this is a devastating blow. These hedge funds are equipped with an instrument that forces struggling economies into submission."

The case dates back to 2001 when Argentina defaulted on its debts and a group of predatory hedge funds purchased some debt for pennies on the dollar. The hedge fund NML Capital leads a group of hold-out creditors in suing the country for more than $1 billion. The case will set a precedent that will impact the functioning of the global financial system. The court did not exercise the expected option of asking the United States government to issue an opinion in the matter. In a related Supreme Court case and in lower courts the US government consistently argued that hold-out creditors should take the same deal that was agreed to by nearly 93 percent of bondholders. The US Treasury and the White House continue to express support for Argentina because of the case's impacts on US bipartisan debt relief policy, global debt restructuring and impacts on poor people.

"For 15 years, Republicans and Democrats have agreed that the world's poorest countries need to have their debt burdens reduced," noted LeCompte. "Today, that bipartisan policy is threatened by the court's decision."

Numerous global institutions and organizations have weighed in on behalf of Argentina. In March, citing the impact of the case on debt relief policy and the global poor, Jubilee USA filed to the Supreme Court on behalf of 79 religious and development institutions urging the high court to take the case. France, Brazil and Mexico also filed amicus curiae briefs on behalf of Argentina before the Supreme Court. The World Bank, Wall Street investors and the IMF have all expressed concern regarding the possibility of a win by the predatory hedge funds. The IMF recently reaffirmed support for Argentina, declaring itself "deeply concerned" about the potential impact the case could have on the ability of countries to restructure their debts, which in turn allows the global financial system to operate.

"There's a rare consensus that the court's decision today is harmful," added LeCompte. "The religious community is saddened that these extreme actors will now broaden their efforts to collect assets that belong to the poor. Given the ruling, we need to see what legislative remedies we can implement to stop these hedge funds."

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

Read Jubilee's USA's filing urging the Supreme Court to take the case: http://jubileeusa.org/fileadmin/13-990__-991_Amici_Brie...4.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. www.jubileeusa.org

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