DBMA Espanol > Espanol Discussion

Argentina

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Nicolás:
Muchas gracias Guro por postear el link!

Quisiera agradecer especialmente a Kostas por su esfuerzo y trabajo en apoyar y difundir nuestros grupos de entrenamiento a través de estos artículos.

Nicolás

Crafty_Dog:
https://www.facebook.com/media/set/?set=a.381734021946664.1073741859.100003302088830&type=1

Crafty_Dog:
Let the Howl go forth:

New DBMA Training Group Leaders

Dog Brothers Martial Arts DLO / KALI TUDO Studio – Buenos Aires – Argentina
Guillermo Walter Tabares – DBMA Training Group Leader
E mail : dogbrothersdlostudio@outlook.es
Tel: 54 (011) 15-3-899-5769

Guillermo is what Argentina calls a "Special Forces" LEO.  His group will be focusing on DLO and Kali Tudo.

Hernan Sevaine
Kombat Eskrima; buenos Aires, Argentina
eskrimakombat@gmail.com

Hernan's group will be focusing on Real Contact Stickfighting and Kali Tudo.

Nicolas Wachsman's group, in place for some six years now, continues in action as well.

Buenos Aires is a big city and having three groups, each in a different area of the city, will allow for good synergy and make it possible for me to go to BA every year.

Crafty_Dog:
http://www.accionmarcial.com/revista-14-junio-2013/

Crafty_Dog:
A New Twist in Argentina's Bid to Dodge Its Debts
Now the International Monetary Fund may aid an effort to stiff creditors.
By JAMES K. GLASSMAN

The long-running drama of Argentina's attempts to dodge its creditors has taken a weird turn. On Wednesday, it was widely reported that the International Monetary Fund may file a legal brief with the U.S. Supreme Court—backing the South American country against its lenders.

This is the same IMF that, after years of warnings, issued a "declaration of censure" against Argentina in February for reporting phony economic data, such as an inflation rate 15 points lower than reality. Unless it cleans up its statistical act, Argentina risks becoming the only nation since 1954 to be expelled from the organization.

The IMF's chief, Christine Lagarde, has not explained why the fund may intervene on behalf of Argentina. But several months ago an IMF report raised the issue that if Argentina is forced to pay up, minority creditors in the future will have too much power to determine how sovereign debts in default are restructured.

But Argentina's $100 billion default is far from typical. For one thing, the country has the money to pay. For another, when it borrowed in the 1990s, Argentina gave special protections to its lenders that other debtor nations usually do not.

The really important principle in the Argentine case that needs defending is not about minority creditors and a deadbeat government. At stake is New York's status as the top destination for sovereigns to issue bonds.

Some $420 billion in sovereign debt subject to New York law is outstanding, and this market cannot operate smoothly unless creditors are able to enforce contracts. If Argentina gets away with stiffing creditors, one consequence will be that lenders in the future will demand higher rates for their higher risk; another is that they won't make loans.

Argentina's sordid tale began in 2001 with the largest default in history. Many exasperated creditors have since settled, but others—including countries such as Germany and private lenders from Italian pensioners to American hedge funds—have held out, demanding that the nation live up to its promises. But Argentina's president, Cristina Fernandez de Kirchner, has ignored more than 100 court orders to pay up and snubbed the World Bank's arbitration panel. Once the world's 10th-richest country per capita, Argentina has gone rogue, flouting international law and tradition.

Recently the legal noose began to tighten. A federal district court in New York ruled in favor of creditors last year, ordering Argentina to settle with all the parties, not just some of them. Argentina appealed, telling judges it wouldn't abide by a decision it didn't like. After an appeals court upheld the district court ruling, Argentina asked the U.S. Supreme Court to hear the case, claiming that the 1976 Foreign Sovereign Immunities Act, or FSIA, prevents the U.S. from ordering a transfer of Argentine property.

This is the defendant that the IMF—charged with keeping the global monetary, trade and credit system stable—may choose to support. The U.S. government has decided otherwise. After a meeting on July 12 with lawyers from both sides, the Justice Department informed parties that it would not file an unsolicited friend-of-the-court brief to back Argentina's new appeal.

The U.S. has sent mixed signals in the past. In 2011, the Treasury Department announced that, because Argentina had ignored rulings to pay creditors, the U.S. would no longer vote in international organizations to approve new loans to the country. (The U.K. followed suit earlier this year.) But the Justice Department did file an amicus brief before the federal appeals court on Argentina's side in the most recent legal go-round. One U.S. concern: By upholding the district court decision, the appeals court could "undermine long-standing U.S. efforts to promote orderly resolutions of sovereign debt crises." Another was that a ruling favorable to Argentina's creditors may contravene FSIA.

By insisting that Argentina abide by the rule of law, however, the U.S. will encourage the resolution of debt crises by putting sovereign debtors on notice that they cannot act with impunity. As for FSIA, it is irrelevant in this case.

With its long history of previous defaults, Argentina had to give lenders significant incentives to put their money at risk. This included a waiver of sovereign immunity, an agreement to have disputes settled in New York courts, and a so-called pari passu clause that required all creditors to be treated equally.

The IMF, meanwhile, deserves an Academy Award for cynicism. After the default in 2001, the fund pressed Argentina hard to resolve its debts, including the billions it owed the IMF itself. Its pressure suddenly eased at the end of 2005 when Argentina paid the IMF in full.

If the executive board of the IMF joins Argentina in the Supreme Court, ignoring its long-standing policy of neutrality in debt disputes, it will be sending exactly the wrong message to other countries that might be encouraged to welch on their debts.

Mr. Glassman served as U.S. undersecretary of state for public diplomacy and public affairs from 2008-09.

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