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realclearworld

En la fuacata!: Argentina stiffs creditors again

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Every night on the 1950's Cuban radio show "La tremenda corte" the character of Tres Patines would cry out "A la reja!" (Goin' behind bars!) .

Tres Patines knew he was guilty as hell and that he deserved imprisonment, and even though he always argued for his innocence, he only did so to irk the judge.

Cristina Fernandez Kirchner should join Tres Patines behind bars, but she won't.

Instead, she'll cry out "We're broke! And it's not my fault!"   And she will blame her country's default on "capitalist vultures."

The sad truth is that her socialist policies and those of her late husband and predecessor in the Pink House have wrecked a once prosperous nation, which once welcomed hordes of opportunity-starved European immigrants.

She is an avatar of the Latrine American spirit, and --sadly -- not the only one.

Queen of Latrines, your throne reeks of Castrolatry, and your subjects should toss you in the river, with an inner-tube "rustic vessel" so you can "migrate" to Castrogonia.

But they won't, of course.

Instead, they'll just keep going down the tubes, and thank you for it.

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Oye, espera, fotografo de mierda... nos hace falta otra bruja chancletera pa'l conjunto!

From the masters of the stiff upper lip at the BBC:

Argentina has defaulted on its debt - for the second time in 13 years - after last-minute talks in New York with a group of bond-holders ended in failure.

So-called "vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold.

Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make a big profit.

A US judge had set a deadline of 04:00 GMT on Thursday for a deal. The crisis stems from Argentina's 2001 default.

Late on Wednesday evening, Argentina's Economy Minister Axel Kicillof said the investors had rejected the government's latest offer.

"Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in default," Daniel Pollack, the court-appointed mediator in the case, said in a statement on Wednesday evening....

...."The full consequences of default are not predictable, but they certainly are not positive," Mr Pollack said.

Speaking at a news conference in New York, Mr Kicillof said Argentina would not do anything illegal.

The investors, also known as "hold-outs", are US hedge funds that bought debt cheaply after Argentina's economic crisis.

They never agreed to the restructuring accepted by the majority of bond-holders.

President Cristina Fernandez de Kirchner has described as vultures the minority bond-holders - including Aurelius Capital Management and NML Capital.

She accuses them of taking advantage of Argentina's debt problems to make large profits.

Whole story HERE

No worries, Cristina: I eat vultures and send leftovers in dog bag to Obama.

No worries, Cristina: I eat vultures and send leftovers in dog bag to Obama.

8 comments to En la fuacata!: Argentina stiffs creditors again