Thursday, 2 October 2014

More on the Argentine debt saga

Two recent developments in the ongoing conflict between Argentina and the so-called vulture funds that are preventing the implementation of an agreement to restructure the country’s foreign debt are of wide significance, in that they highlight respectively the shortcomings of current arrangements for debt restructuring and a possible way forward, albeit one not without pitfalls.

On 26 September US District Judge Thomas Griesa issued a ruling enabling Citibank to process a one-off payment on US dollar-denominated bonds issued under Argentine law to creditors that had agreed to the restructuring. This reversed a July decision by the same judge to the effect that no payment could be made without at the same time paying the full face value of the bonds held by the vulture funds. The ground for the decision is the uncertainty as to whether the bonds to be paid are subject to New York or Argentine law.

The sudden reversal confirms the doubts about Judge Griesa’ s erratic behaviour and the fears that he has lost a grip on the case that I referred to in a previous blog. More seriously, though, it also confirms the inappropriateness of handling complex multi-jurisdictional commitments and negotiations as if they were domestic cases to be tried in national courts. That this approach could have dangerous systemic consequences is by now well recognised; even the vulture funds themselves acknowledged that it would be reckless to continue preventing any payments, and supported the reversal.(1)

The way forward is therefore to set up a new, multilateral mechanism for debt restructuring. And this is precisely what the second recent development is about. As is by now fairly well known, on 9 September the United Nations General Assembly (UNGA) adopted Resolution A/68/L.57/Rev.1 entitled “Towards the establishment of a multilateral legal framework for sovereign debt restructuring processes”. The Resolution contains a decision to ”elaborate and adopt through a process of intergovernmental negotiations, as a matter of priority during its sixty-ninth session, a multilateral legal framework for sovereign debt restructuring processes with a view, inter alia, to increasing the efficiency, stability and predictability of the international financial system and achieving sustained, inclusive and equitable economic growth and sustainable development, in accordance with national circumstances and priorities.”

This is clearly progress; however, the follow up to the Resolution is by no means straightforward. The text calls for a prior process “to define the modalities for the intergovernmental negotiations and the adoption of the text of the multilateral legal framework”; this will be difficult, given the fact that the main creditor countries either voted against the resolution (11 of them, including the US, the UK, Germany and Japan) or abstained (41 countries, including most of the EU). The end result could be a significant dilution of the original aim of adopting an international convention on debt restructuring.

The UNGA Resolution is without a doubt a major first step; but the road ahead is still long and hard.

Note:
(1) Alexandra Stevenson, “Judge Grants Temporary Stay in Argentina Default Case”, The New York Times, 26 September 2014.

By Carlos Fortin, Research Associate, Institute of Development Studies

42 comments :

Reza Ahmad Firdaus said...

thank for share
Obat Hernia

Reza Ahmad Firdaus said...

thank for share
Obat Hernia

Ahmad Firdasu said...

thank for share
obat keputihan
obat keputihan

Ahmad Firdasu said...

thank for share
OBAT BATUK
OBAT BATUK
OBAT BATUK
OBAT BATUK
OBAT BATUK

Ahmad Firdasu said...

OBAT BATUK
OBAT BATUK
OBAT BATUK
OBAT BATUK
OBAT BATUK

thank for share

Ahmad Firdasu said...

OBAT BATUK
OBAT BATUK
OBAT BATUK
OBAT BATUK

Green nha said...

Obat Tradisisional Photophobia
penularan hepatitis
obat luka lambung
obat insomnia tradisional

L said...

OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS

L said...

OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS

L said...

OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS
OBAT SINUSITIS

Julio Aryana said...

OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN

OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN

Julio Aryana said...

OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN

Julio Aryana said...

OBAT BATUK
OBAT ASMA
OBAT ASMA
OBAT ASMA
OBAT BATUK ALAMI HERBAL ALTERNATIF UNTUK ANAK BAYI, DEWASA

TELEMATIKA said...

Thanks For Share..
OBAT ASMA
OBAT ASMA
OBAT ASMA
OBAT ASMA
OBAT ASMA
OBAT ASMA

TELEMATIKA said...

Thanks For Share..
OBAT ASMA
OBAT ASMA
OBAT ASMA
OBAT ASMA
OBAT ASMA

Iqlima Kantor said...

Thanks for your information
obat penyakit kista endometriosis
pengobatan tbc secara alami
biaya operasi ganglion
obat untuk menetralisir asam lambung
sering kebas dan kesemutan
tanaman obat pengencer darah kental

Iqlima Kantor said...

Thanks for your information
pengobatan alami penebalan dinding rahim
cara mengobati kista coklat
grosir jelly gamat qnc
cara menghilangkan flek hitam alami akibat pil kb
obat bengek
cara mengobati anyang anyangan
pengobatan herbal qnc jelly gamat

Nate River said...

OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL

OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL

OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL
OBAT KOLESTEROL

Haria Kamisi said...

Makanan Untuk Ginjal Kronis
obat alami dakriosistitis

Zheng junxai5 said...

zhengjx20160803
christian louboutin shoes
coach outlet store online clearances
oakley vault
celine outlet
ray bans
gucci outlet online
pandora charms
adidas stan smith
louboutin shoes
michael kors outlet
coach outlet store online clearances
michael kors outlet clearance
retro jordans 13
cheap jordan shoes
oakley sunglasses outlet
red bottom shoes
adidas originals store
rolex submariner price
nike outlet
polo ralph lauren outlet
louboutin shoes
michael kors outlet
adidas nmd
ray ban sunglasses outlet
kobe 10
christian louboutin sale
celine bags
louis vuitton handbags
michael kors purses
air jordan shoes
louis vuitton outlet
ralph lauren outlet
oakley outlet
toms outlet
cheap oakleys
asics shoes for men
jordan 3 retro
michael kors outlet online
michael kors outlet clearance
toms shoes uk

elviani elvina said...

Obat Diabetes Melitus Herbal
Obat Lambung Bengkak
Obat Oligozoospermia
Obat Stroke Herbal
Obat Wasir Tradisional
obat jantung
obat sgot tinggi
pengobatan herbal wasir

Dadang Sulaeman said...

Very good idea you've shared here, from here I can be a very valuable new experience. all things that are here will I make the source of reference, thank you friends.
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN
OBAT AMBEIEN

Robi Awaludin said...

I still liked this article, good, good content, and unique design.Thank you for sharing the article.
bahaya keputihan pada masa kehamilan,cara menyembuhkan sakit tulang ekor,cara menyembuhkan gastritis kronis,obat tidur lelap tanpa efeksamping,suplemen penguat daya ingat dan konsentrasi,

Kez0223 said...

Very good idea you've shared here, from here I can be a very valuable new experience. all things that are here will I make the source of reference, thank you friends.

Gejala Hernia Dan Cara Untuk Mengatasinya Secara Tradisional
Gejala Hernia Yang Perlu Diwaspadai Baik Pria Maupun Wanita
Gejala Hernia Dan Cara Menanggulanginya Secara Alami
Gejala Hernia Pada Wanita Yang Biasa Muncul

Kez0223 said...

Nice to be visiting your blog again, i was just browsing along and came upon your blog. just wanted to say good blog and this article really helped me.

Gejala Hernia Dan Alternatif Cara Pengobatannya
Gejala Hernia Akut Dan Penyebabnya Yang Wajib Diketahui
Gela Hernia Pada Pria Yang Wajib Diketahui Juga Diwaspadai

Kez0223 said...

Gejala Asam Urat

Gejala Asam Urat Dini Dan Cara Pencegahannya Yang Baik

Gejala Asam Urat dini dan cara pencegahannya yang baik secara alami akan membuat penyakit ini sembuh hingga tuntas tanpa menimbulkan efek samping. Gejala nyeri sendi yang ditangani dengan obat asam urat alami memberi rasa aman dan nyaman pada penderitanya. Penanganan asam urat memang harus dilakukan cukup signifikan melihat Gejala Asam urat yang dapat mengakibatkan gangguan serius, penderita bisa mengalami gangguan aktifitas dan kesulitan bergerak akibat radang sendi asam urat.

Apa arti penyakit asam urat?

Pengertian umum penyakit asam urat adalah kondisi nyeri pada bagian sendi tubuh yang ditimbulkan oleh penimbunan zat purin yang mengkristal dan mengakibatkan munculnya Gejala Asam Urat berupa rasa sakit yang menusuk nusuk. Kristal purin dapat menyebar pada beberapa bagian sendi kaki, tangan dan ruas ruas jari tangan. Pada waktu beberapa hari dan diberi balsem biasanya penderita merasa nyeri sedikit mereda, namun kita harus terus mewaspadai karena bisa jadi Gejala Asam Urat dapat muncul kembali dengan kondisi yang lebih parah setelah beberapa hari berikutnya.
visit me : Gejala Asam Urat Reumatik Akut

Kez0223 said...

Gejala Stroke Awal Dan Pencegahannya Yang Perlu Diketahui

Gejala Stroke awal dan pencegahannya yang perlu diketahui adalah dengan memulai pola hidup sehat adalah langkah tepat yang bisa kita lakukan. Penyakit stroke bukan penyakit ringan yang bisa dipandang enteng. Kita tidak bisa memilih Obat Stroke secara sembarangan karena bisa berakibat fatal pada kesehatan tubuh kita. Kita harus memilih penanganan terbaik untuk menyembuhkan stroke karena bisa saja Gejala Stroke ini kambuh kembali pada waktu waktu mendatang. Bila seseorang mengalami serangan stroke sebaiknya memilih Obat Stroke yang cocok agar dapat sembuh secara tuntas.

Definisi singkat tentang stroke
Pengertian stroke secara umum adalah gangguan yang terjadi pada bagian pembuluh darah di otak, dimana suplai darah dan oksigen terhambat hingga bisa menyebabkan kerusakan pada bagian sel saraf dan mempengaruhi fungsi organ secara keseluruhan.

Gejala Stroke ini bisa menyerang siapa saja, baik laki laki maupun perempuan, kalangan tua maupun muda yang tidak menutup kemungkinan terkena serangan stroke. Namun begitu kita bisa mendefinisikan terjadinya Gejala Stroke karena beberapa penyebab.

gejala serangan stroke berat dan cara mengatasinya, Gejala Stroke dan pengobatannya, gejala stroke dini, gejala stroke mata, gejala stroke ringan dan penanganannya, gejala stroke ringan pada wanita dan pencegahannya, apa gejala stroke, cara mencegah gejala stroke, cara menyembuhkan gejala stroke, ciri2 gejala stroke, gejala dan penyebab stroke, gejala gejala penyakit stroke, tanda dan gejala klinis stroke hemoragik, gejala penyakit stroke dan pengobatanya, gejala sakit stroke, makanan untuk penderita Gejala Stroke, mengenali gejala stroke, penyembuhan gejala stroke, pertolongan pertama pada gejala stroke, tanda dan gejala stroke iskemik, terapi gejala stroke.

raffa syahdika said...

Thanks for share. success always
Gejala Asam Urat
Gejala Asam Urat
Gejala Asam Urat
Gejala Asam Urat

Anonymous said...

GOOD ARTICLE
OBAT STROKE

Hill said...

Pavé Tile Co combines over forty years of expertise and passion to bring you an inspiring collection of crafted tiles sourced from cutting-edge designs from Europe and across the globe. Located at 339 Swan Street, Richmond, Melbourne 3121

tile shops melbourne

Husnul Hidayah said...

Pengobatan Miom Secara Tradisional

Husnul Hidayah said...

Obat Tradisional Penyakit Miom Tanpa Operasi Pembedahan

Husnul Hidayah said...

Obat Tradisional Penyakit Miom Tanpa Operasi Pembedahan

messi awaludin said...

Nice website, the site is very interesting, a lot of helpful articles and the latest news that arouse interest. nice!!
pengobatan untuk sembuhkan astigmatisma

Hill said...

Pavé Tile Co combines over forty years of expertise and passion to bring you an inspiring collection of crafted tiles sourced from cutting-edge designs from Europe and across the globe. Located at 339 Swan Street, Richmond, Melbourne 3121

Pavé Tile Shop - Melbourne

VLSI Projects said...

IEEE Projects
VLSI Projects
Matlab Projects
Mtech Projects

Haria Mingguwi said...

obat glaukoma tradisional
cara pengobatan paru paru basah
obat tradisional keputihan efektif

Obat Asma said...

This is really very amazing pages that I visited happy to be there in the pages of your site's remarkable I found your site on google

Haria Kamisi said...

obat benjolan di ketiak
obat paru paru basah
obat alzheimer tradisional

Haria Kamisi said...

jamur penyebab keputihan pada wanita
makanan penyebab keputihan
menu makanan penderita penyakit ginjal

Husnul Hidayah said...

Cara Mengatasi Benjolan Di Atas Alis Mata
Cara Mengobati Penyakit Nyeri Sendi
Cara Mengobati Artritis Sika
Resep Obat Nyeri Sendi Terlaris
Cara Mengobati Pilek Yang Tak Kunjung Sembuh
Miom Bisa Sembuh Tanpa Operasi
Pengobatan Kista Dan Miom Tanpa Operasi

Husnul Hidayah said...

Obat Limpa Bengkak
Obat Pengapuran Sendi
Obat Penyempitan Pembuluh Darah
Obat Kista Endometriosis
Obat Albumin Bocor
Obat Rematik
Obat Limfadenitis
Obat Maag Kronis
Obat Sakit Pinggang