We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
THE COLLAPSE OF talks with U.S. creditors sent Argentina into its second debt default in 13 years and raised questions about what comes next for financial markets and the South American nation’s staggering economy.
A midnight deadline to reach a deal with holdout bondholders came and went with Argentine Economy Minister Axel Kicillof holding firm to his government’s position that it could not accept a deal with U.S. hedge fund creditors it dismisses as “vultures.” Kicillof said the funds refused a compromise offer in talks that ended several hours earlier, although he gave no details of that proposal.
“We’re not going to sign an agreement that jeopardizes the future of all Argentines,” Kicillof said after he emerged from the meeting with creditors and a mediator in New York City. “Argentines can remain calm because tomorrow will just be another day and the world will keep on spinning.”
Wall Street Journal / TwitterIn 2001, Argentina defaulted on $100 billion in bonds. It's now on the brink of default again: http://t.co/kZrAtVkngT pic.twitter.com/0lrqMyOhsC
— The Wall Street Journal (@WSJ) July 31, 2014
But court-appointed mediator Daniel Pollack said a default could hurt bondholders who were not part of the dispute as well as the Argentine economy, which is suffering through a recession, a shortage of dollars and one of the world’s highest inflation rates.
“The full consequences of default are not predictable, but they are certainly not positive,” Pollack said.
An earlier U.S. court ruling had blocked Argentina from making $539 million in interest payments due by midnight Wednesday to other bondholders who separately agreed to restructuring plans with the country in 2005 and 2010.
Greg Palast / TwitterVulture investor Paul Singer has forced Argentina into default. Here’s the real story http://t.co/ig0VievcLY pic.twitter.com/lEfWUE2j3b
— Greg Palast (@Greg_Palast) July 31, 2014
There was no immediate comment from the hedge funds, which refused to participate in the debt restructurings and won a U.S. court judgment that they be paid the full value of their bonds plus interest — now estimated at roughly $1.5 billion.
Kicillof dismissed a decision by ratings agency Standard & Poor’s to downgrade Argentina’s foreign currency credit rating to “selective default” because of the missed interest payments.
“Who believes in the ratings agencies? Who thinks they are impartial referees of the financial system?” he said.
The holdouts, led by New York billionaire Paul Singer’s NML Capital Ltd., spent more than a decade litigating for payment in full rather than agreeing to provide Argentina with debt relief. They also sent lawyers around the globe trying to force Argentina to pay its defaulted debts and were able to get a court in Ghana to temporarily seize an Argentine naval training ship. The threat of seizures forced Fernandez to stop using her presidential plane and instead fly on private jets.
To embed this post, copy the code below on your site
You’re late sharing this clip – it’s been doing the rounds for a while – but it is rather wonderful!
Re the definitions of “sexism” & “misogyny,” I think she is absolutely right to keep the focus on behaviour rather than intention.
No one can know another’s intentions or subjective feelings, but words and actions are clearly visible & verifiable & therefore subject to fair judgment.
It is usually the ugly women that complain about sexism. You would not hear this sort of nonsense from Cheryl Cole or Rihanna – two stunners.
What modelling agency employs you Patrick?
He also called her a witch and a man’s bitch. Don’t get so offended on behalf of men while making another sexist side swipe at women. Sometimes it’s sexism.
I dunno, saw the pictures of rihanna a while ago, she looks bet down , must have been why crhis brown dumpe her
Ok Stephen we can ditch Rihanna as well and use Alessandra Ambrosio instead. Now I hope everybody is happy.
Plenty of overt sexists on the journal, i see
On that point Patrick why are all misogynistic men usually unattractive, bald and sexually frustrated?
sexist – Australian in the same sentence,im shocked and appalled,now tell that Sheila to put some more shrimps on the Barbie
Patrick’s a trolling misogynist, with the mental age of seventeen-year-old. Ignore him.
Correct.
Don’t feed the troll.
Oh dear where is all this going? Could ‘dear’ be termed sexist? It might not have been when I started the sentence but it might be now, or now, or now, or now.
Referring to a female colleague as ‘dear’ can be construed as sexist as well as patronising and overly familiar.
Mad, crazy idea – call the person by their name! Or just say “hello”, don’t add in the dears, birds, dahlings, loves, chicks, stags, foxes, badgers, leave the wildlife references at the door!
Patrick are you skeptical that sexism exists? i refer also to your comment below. If you are, you demonstrate either a worrying lack of ability to disseminate media output and general societal patterns, not to mention contact with articulate, self-aware women- or an equally worrying ignorance that these things exist.
Next time a female friend calls me “hon” I shall stand up to her for her blatant sexism!
I just can’t stand women who accuse us men of misogyny…
She looks a bit like and definitely sounds like an Aussie version of Clare Daly.
Ditch the witch!!
Sure she cant even put one foot in front of the other without falling over. http://www.youtube.com/watch?v=bpUUt2QpacU&feature=youtube_gdata_player
It looks as if she was trying to walk like a man. Those guys should have linked her to prevent her falling. It is well known that men are better walkers than women. We are built to hunt and protect. Women are built to feed and tend. Nature takes care of its own.
It’s an old tradition to make fun of MS Gillard’s English. They also say she mispronounces the word Negotiate…
http://www.youtube.com/watch?v=49zF8m7ys24
shoot the messenger if you dont agree with the misoginist..oops mysogenist…or messagenist.
Use precise geolocation data. Actively scan device characteristics for identification. Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then these services may not function properly.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not be able to monitor our performance.
Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.
Advertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).
Information about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.
Advertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.
Information about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.
Content presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.
Information regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.
Information regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.
Reports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).
Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.
Content presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).
With your acceptance, your precise location (within a radius of less than 500 metres) may be used in support of the purposes explained in this notice.
With your acceptance, certain characteristics specific to your device might be requested and used to distinguish it from other devices (such as the installed fonts or plugins, the resolution of your screen) in support of the purposes explained in this notice.
Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.
Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.
Information about your activity on this service may be matched and combined with other information relating to you and originating from various sources (for instance your activity on a separate online service, your use of a loyalty card in-store, or your answers to a survey), in support of the purposes explained in this notice.
In support of the purposes explained in this notice, your device might be considered as likely linked to other devices that belong to you or your household (for instance because you are logged in to the same service on both your phone and your computer, or because you may use the same Internet connection on both devices).
Your device might be distinguished from other devices based on information it automatically sends when accessing the Internet (for instance, the IP address of your Internet connection or the type of browser you are using) in support of the purposes exposed in this notice.
The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.
have your say