ARGENTINA: ‘ Buy three Russian Mi-171E helicopters ‘

#AceFinanceReport – ARGENTINA:June.06: Argentinean government decided to buy three Russian Mi-171E helicopters, country’s Minister of Defense Agustin Rossi said Friday.

Argentina Purchase Two Mi-171E Helicopters '
‘ Argentina Purchase Two Mi-171E Helicopters ‘

“They will join the two [helicopters] that are already in service of the [Argentinean] Air Force,” Rossi said, as cited by La Segunda newspaper.

 The first two Mi-171E helicopters were bought by Argentina Defense Ministry in 2011 for participation in the Antarctic campaigns.

“Strong ties with Russia will be very beneficial for our defense policy as well as for development of our armed forces,” the minister added.

Buenos Aires expects to realize the deal on intergovernmental level, not engaging any commercial banks, according to Rossi.

On Thursday, Russia and Argentine signed 11 cooperation agreements, including the one between the defense ministries.

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ARGENTINA: US Court rules they must pay $5.4 billion to bondholders before creditors ‘

#AceFinanceReport – Featured Update: ARGENTINA:This is a situation l have followed for sometime, left time-line of events at bottom of post. As US apply strangle-hold to get money for themselves and fellow bondholders.  

A US court has ruled that before it can pay the majority of its creditors Argentina must pay $5.4 billion to its bondholders in addition to the $1.33 billion that it is already required to pay to a group of hedge funds, the Buenos Aires Herald reports.

The decision was made by US District Judge Thomas Griesa in New York who said that the creditors held bonds that were similar to those held by the hedge funds and thus should be treated in the same way, the newspaper said on Friday.

Dollars

The creditors have sought full repayment on Argentina’s bonds since the country was hit by a major default in 2002. According to the Buenos Aires Herald, they hold about 92 percent of Argentina’s defaulted debt.

In 2001, Argentina was acutely feeling the impact of an economic crisis that began in 1998 and lasted until 2002. At the time, the country experienced high unemployment rates and defaulted on its foreign debt.

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‘ US Judge Holds Argentina in Contempt of Court ‘

#AceFinanceNews – UNITED STATES (Manhattan) – September 30 – A U.S. judge held Argentina in contempt of court on Monday, saying the republic was trying to find ways to circumvent a prior order requiring it pay holdout bond holders at the same time as other creditors who restructured their debt in recent years.

U.S. District Judge Thomas Griesa in Manhattan deferred a decision on imposing sanctions against Argentina to a later date. But he did say that the “problem is that the republic of Argentina has been and is now taking steps in an attempt to evade critical parts of” his injunction.

Argentina’s government enacted a new law recently to get around a court ruling saying it must pay more than $1.3 billion to holdout hedge funds who rejected the country’s debt restructuring agreements in 2005 and 2010. The country defaulted on more than $100 billion in debt more than a decade ago.

Carmine Boccuzzi, a lawyer for Argentina, had said a contempt ruling would just “make matters worse.”

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` Argentina Bankruptcy of 2001 Can Prove That Theories it Cannot Happen Again Wrong ‘

#AceGuestNews and Views by Anna Mikhailova 

National bankruptcy skeptics like to claim that while countries went bankrupt hundreds of years ago, such a catastrophe is out of the question in the modern world.

Argentina Bankruptcy 2001The story of Argentina’s bankruptcy in 2001 proves them wrong.

Most crises follow a common logic which is characterized by sudden onset, rapid growth, and the transition to a new quality and normalcy.

The difference between the Argentinean scenario from the usual canons laid in the absence of the normalization phase – crisis at the time were simply “preserved”, then to break out with renewed vigor.

The decline in GDP of 15%, unemployment at 24%, a default on its foreign liabilities of $ 141 billion, a decline in business activity, the removal of the hard peg to the US dollar and the subsequent devaluation of the Argentine peso by more than 70%. 13% cut in state pensions and civil servants’ salaries.

There was a run on banks following the collapse of the country’s national currency. Argentina’s citizens were so desperate and panicked that many spent nights sleeping in front of the ATMs. The systematic impoverishment of the population led to mass discontent and riots all over the country. Eventually, the situation became so chaotic that President Fernando de la Rúa fled from an enraged mob by helicopter. Despite all the protests and bank runs, the nation simply could not repay its $145 billion in foreign debts.

The country had a population of 35 million, of whom 19 million were classified poor as of this June, with earnings of less than $190 a month; 8.4 million were destitute, with monthly incomes below $83.

Left bankrupt by their government, their bankers and the International Monetary Fund, Argentines have lost faith in their political leadership. Five presidents passed through the Buenos Aires in the span of two weeks, until Nestor Kirchner, a provincial governor until then, assumed the presidency in 2003. Over the next few years he managed to pull the country out of the economic chaos, but evidently the bankruptcy never passes without a trace. Just last month Argentina announced its biggest currency devaluation in a decade, with the peso’s plunge rattling financial markets worldwide. With inflation running at about 30 percent, it seems the country is on the verge of yet another devastating collapse.

Anna Mikhailova

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These are not the opinions of the `Ace News Group ‘ and are the news and views of the writer.  

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