Argentine President Cristina Fernandez de Kirchner meets with French President Francois Hollande at the Elysee Palace in Paris last month.(Photo: Christophe Ena, AP)
But the Supreme Court's willingness to hear the case could signal an Argentinian rebound particularly since the funds that bought the country's distressed debt at discount and held out for full restitution, referred to as "vulture funds," are viewed unfavorably by the State Department. government argues in its brief backing Argentina. A ruling against the sovereign nation, it says, "would risk reciprocal adverse treatment of the Adidas Shoes High Tops Orange
"The reality is that Argentina is a completely irresponsible government," says John Baker, professor emeritus at Louisiana State University Law Center. "They Adidas White 'duramo' Trainers
Argentina has been playing a losing hand for years in federal courts in New York. courts, district and appeals judges have ruled that the holdout creditors can go after Argentine assets and should be treated the same as creditors who accepted the country's restructured Adidas High Top Red Shoes
Battle over Argentina's debts heads to Supreme Court
THE HEDGE FUND'S CASE
A brief filed on behalf of relatives of 9/11 victims and others says the court's ruling will affect their chances of collecting damages from "sovereign states that routinely and brazenly seek to evade responsibility for the catastrophic injuries they have inflicted through acts of terrorism."
In its view, Argentina is a G 20 nation with adequate funds to pay all of its creditors those who took the restructuring deals of 2005 and 2010, and the holdouts who refused. The assets, NML says, are being hidden.
At the root of the complaint filed by NML Capital, the Cayman Islands hedge fund suing Argentina, is a basic fact: It's owed more than $1.5 billion, and it wants the money. courts and promising equal treatment to all bondholders, NML argues pledges that are being reneged on now.
What's more, NML says it's been willing to negotiate for years, but Argentina has refused any contact. The country's lawyers have told lower courts it would refuse to abide by any rulings against it.
have taken a very rich country and destroyed it financially. Adidas Duramo Vista Grey Without the discipline of having to be responsible to somebody, there's never any hope of change down there."
WASHINGTON Few tears will be shed for Argentina at the Supreme Court next week, when unpaid debts from its record setting 2001 default come under legal scrutiny. But its creditors aren't likely to evoke much sympathy, either.
United States in foreign courts."
The argument goes something like this: The 2001 default and subsequent debt restructurings were necessary to keep the country afloat. Shut out of many capital markets and beset by high costs of borrowing, the nation is unable to help its own impoverished citizens.
The fund points out that its investors aren't vultures; they include charities, universities and state pension funds. And it points toward its allies in court, such as relatives of terrorism victims seeking to recover from countries they deem responsible.
The case to be heard at the high court Monday could be just a precursor of a bigger one. The justices first will ponder whether creditors who refused to take about 25 cents on the dollar for their bonds can track down Argentina's assets around the world. The creditors' ultimate goal is to collect and that will require another case, which the court has yet to accept.
Billions of dollars are at stake in the 13 year old battle that has followed Argentina's $82 billion default at the time, the largest government default in history. The South American nation's opponents range from state pension funds to the families of victims of terrorism. ally in the Obama administration. point of view is nothing less than international relations and the avoidance of retaliation.
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