tag:blogger.com,1999:blog-6896989063397229776.post6253775990930469196..comments2024-03-20T06:19:44.160-03:00Comments on Geopolitical Analysis and Monitoring: Argentine case Ray Storchhttp://www.blogger.com/profile/08595613391056833393noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6896989063397229776.post-826465990333451542014-08-03T20:24:44.489-03:002014-08-03T20:24:44.489-03:00Hi Roy,
Stiglitz is right on point when he says:
...Hi Roy,<br /><br />Stiglitz is right on point when he says:<br /><br />"All investors in sovereign bonds know that there is a risk of default — that's why the bonds can pay a far higher interest rate than U.S. bonds. But anyone buying bonds after a country announces a debt restructuring knows with virtual certainty that they will not be repaid in full without manipulating the legal system."<br /><br />What Elliot, NML Capital and such did was to lobby hard to make the State of New York to drop the Champerty doctrine after the Peru case (under law Sect 489).<br /><br />http://alainet.org/active/75763<br /><br />Many of those NYS politicians voting to drop this doctrine and thus favoring the vulture funds got afterwards financial support from... Paul Singer's foundations and AFTA (American Task Force Argentina).<br /><br />I guess that the American legal system, conceived by the founding fathers to tilt toward the elite, worked marvels when these elites were actually leading the country under a sound mission and vision. Unfortunately, after the economic system started to be exhausted by 1971, these elites became more parasitary and the legal system favoring them degenerated into a corrupt system. The current Griesa-Singer case is an example of such degradation.<br /><br />Thanks,<br /><br />AndresAndréshttps://www.blogger.com/profile/14888899932269902235noreply@blogger.com