Recovery with a Human Face
  • E-Discussion 2010-
  • About this e-discussion
  • Books
  • Recent Articles
  • Contact

Recovery with a Human Face

A discussion on alternatives for a socially-responsive crisis recovery
 

July 27th, 2014

7/27/2014

 
Isabel, 

Here is something I think will interest the list serve.

Argentina is likely to be called into default on Thursday as the funds it has deposited with a New York bank to be distributed as the next interest payment to its bondholders will remain in the bank thanks to a federal judge in New York. Judge Thomas Griesa had found for a group of hedge funds and says Argentina cannot pay its other bondholders without also paying its holdout creditors who did not agree to swap original Argentine bonds for new bonds, worth less but at least payable and regularly paid.

As this unnecessary default looms (payment must be made by Thursday), it seems Judge Griesa has begun to realize what a mess he has made of things. At least, that is the reading made by The New York Times premier business columnist, Floyd Norris, who wrote about Judge Griesa in Friday's paper.

Here is his conclusion:

"As Wednesday approaches, the judge has a lot to think about. It would be better if he had done some of that thinking before he issued his order, or if the appeals court or the Supreme Court had forced him to do so."

Read the whole column at http://www.nytimes.com/2014/07/25/business/rulings-add-to-the-mess-in-argentine-bonds.html?module=Search&mabReward=relbias%3Aw%2C{%221%22%3A%22RI%3A8%22}&_r=0.

Barry Herman
Julien J Studley Graduate Program in International Affairs
Milano School of International Affairs, Management, and Urban Policy,
The New School
72 Fifth Avenue, Room 624
New York, NY 10011, USA
Mobile: +1-212-671-2480
Email: [email protected]
Faculty web page


Comments are closed.

    This e-discussion is ongoing by email Apologies if late updates on this website...


    Moderator
    

    Isabel Ortiz
    Director Social Protection ILO

    Picture
    Follow on Twitter 
    To join this e-discussion, send an email to: [email protected]
    with SUBSCRIBE recoveryhumanface in the subject 

    Archives

    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013

    Categories

    All


    This e-discussion is intended to facilitate the exchange of knowledge and to
    stimulate discussion; 
    the interpretations and p
    ositions expressed by contributors do not reflect the policies of ILO. 

    “We, the Peoples” are the first words of the UN Charter. The UN was founded in 1945 and
    mandated to respond to the needs and rights of all persons, in every country of the world. In this spirit of social justice, a real world recovery means a recovery for all
    persons, not simply the recovery of a few economic indicators and
    companies.

Powered by Create your own unique website with customizable templates.