Free Republic

Liberal left socialist utopianism has destroyed Argentina's economy, and the country is now joining the ranks of leftist economies gasping for air, and slowly A year ago conservatives in Argentina claimed the South American country was headed in the same direction as Venezuela. Economic freedom was under assault because of the institution of a failed Bolivarian economic monster - Hugo Chavez’s “twenty-first century socialism” was destroying yet another South American victim. As with any nation that embraces socialism and abandons the free market, poverty increases, and things like toilet paper become a luxury. Liberal left progressive big government madness filled...

Tyler Durden 08/26/2014 After spending time in Argentina, BofA's Marcos Buscaglia is concerned... The perception of many locals is that the risks of an economic/currency crisis before year-end have increased significantly. This compares to a view they had before of a muddle-through till the 2015 presidential elections. Policy decision-making is ever more concentrated, and the administration has radicalized, but the severe economic downturn will change political incentives in 2015, in BofA's view. With the official peso rate at record lows once again, the black-market Dolar-Blue tumbled to over 14/USD - a record low indicating dramatic devaluation ahead (which of course,...

Monday, August 25, 2014 Investor Soros sues BONY for unpaid Argentina bonds Billionaire United States investor George Soros and Kyle Bass, the founder of hedge fund Hayman Capital Management, have opened a lawsuit against the Bank of New York Mellon (BONY) for failing to distribute 226 million euros in Argentine bonds to creditors. According to a report from Bloomberg, the litigation was initiated due to the BONY's refusal to pass on to bondholders a payment made by Argentina on June 26, which was blocked by a ruling from New York judge Thomas Griesa as part of the dispute with holdout...

Our President may be a well-educated and a very smart guy, but he seems to have skipped out on his world history classes. He certainly would have learned the absolutely true saying that “history repeats itself.” He would also know that any dithering with ISIS will only cause us more pain and lost lives in the future. History does repeat itself, and regularly. A perfect example has been on display with the debt crisis in Argentina. The country has defaulted on its debt. Its President, Cristina Kirchner, did not accept blame for the default. She pointed the finger at two...

Linette LopezAugust 20, 2014Muted headlines about bond swaps aren't doing justice to the announcement Argentina's president made last night. With her attempt to pass a law nullifying a U.S. Court's ruling that the country pay all its creditors, Argentina is effectively turning its back on the rules governing international finance. If Argentina's congress passes this law, the country could enter a place where rules no longer matter and negotiation with the hedge funds to which it owes over $1.3 billion in sovereign debt are all but impossible. What this law does is put debt that was once legally governed by...

ROME - Pope Francis was grieving the loss of three family members on Tuesday following a traffic accident in Argentina. A Vatican spokesman confirmed to NBC News that the pope's niece and two great-nephews had died. Father Federico Lombardi said "the pope has been informed and he is painfully sorry," adding that the pontiff had asked for prayers. Police in Cordoba told NBC News that a call came in just after midnight about an accident involving a cargo truck and a Chevy Spin. The Chevy driver - Francis' 35-year-old nephew, Emanuel Bergoglio - was in intensive care in an induced...

It's not every day that Argentina defaults on its debt. It just seems that way. Okay, that's not entirely fair. After all, it's been 13 years since the last time it did. That's not bad for Argentina, which has now defaulted eight times in its 200-year history. But this latest one was certainly its strangest. Argentina didn't default because it couldn't pay its bondholders. It defaulted because a New York judge wouldn't let it pay its bondholders—not unless it also paid the hedge funds that were holding out for a better deal on its old defaulted debt. Yes: Argentina was...

What’s really important in today’s troubled world? One might think the answers are obvious: the disturbing war between Hamas and Israel that threatens to spread into something much larger, out-of-control spread of Ebola in Africa, corporate and sovereign defaults in Portugal and Argentina, Chinese military aggression in South Asia and whatever else we may have left out. But to Democrats, the focus is on Operation Change The Subject 2014, as partisans shift blame for presidential inaction away from Obama just as he heads to Martha’s Vineyard for yet another extended holiday.

Ok, you economists, this is a quick exercise in free association: When I say “South America” what do you think? If you said “default,” go to the head of the class. Really, it’s the whole bloody continent (think “Mexico,” amigo), but let’s just look at Argentina, an economic basket case if there ever was one. The only question I have is why, given its recent history of fiscal incontinence [1] (not to mention political barbarousness [1]), anyone would lend them a nickel. The latest episode, which has been much in the news lately, involves more than $1 billion that Argentina...

Argentina has defaulted again. Argentine Finance Minister Axel Kicillof is now addressing the world from Argentina's consulate in New York City. He has delivered the news that Argentina is in default, having failed to satisfy the demands of a group of hedge fund creditors negotiating over $1.3 billion worth of debt owed to them for over a decade. "The Argentine Republic has filed for a stay [on payment] with Judge Griesa... The Judge decided that if the vulture funds said there could be a stay there would be a stay," said Kicillof. "The vulture funds were not willing to grant...

Argentina on Tuesday will meet the U.S. mediator in its battle with 'holdout' debt investors suing the country for last-minute talks to avert its second default this century. Mediator Daniel Pollack said in a statement on Monday he received a telephone call from the Argentine government advising him a delegation of technical, financial and legal representatives will meet him at 11 a.m. EDT (11.00 a.m. EDT) on Tuesday in his office. "I again urged direct, face-to-face conversations with the Bondholders, but that will not happen tomorrow," Pollack said, referring to the holdout creditors. Argentine dollar-denominated bonds fell more than 3...

Pope Francis made an emotional plea for peace on Sunday in an impromptu addition to comments delivered at his weekly Angelus address in Saint Peter's Square. As the Argentinian-born pontiff wrapped up his regular address to the faithful, he spoke of the upcoming centenary of the outbreak of World War One and said his thoughts were on the Middle East, Iraq and Ukraine in particular. With his voice appearing to crack with emotion, the pope broke off from his scripted remarks to make a direct appeal for fighting to end. "Please stop!, I ask you with all my heart, it's...

Navi Pillay said Tel Aviv's two-week onslaught on Gaza - which has cost more than 650 Palestinians lives - would be thoroughly investigated. Ms Pillay, UN High Commissioner for Human Rights, said the attacks have destroyed houses and hospitals and killed civilians. "These are just a few examples where there seems to be a strong possibility that international humanitarian law has been violated, in a manner that could amount to war crimes. "Every one of these incidents must be properly and independently investigated." According to Gaza officials, 475 houses have been destroyed and 2,644 damaged, while 46 schools, 56 mosques...

GENEVA, July 23 (Reuters) - The United Nations on Wednesday launched an international inquiry into human rights violations and crimes that may have been committed by Israel during its military offensive in the Gaza Strip. The U.N. Human Rights Council condemned the Israeli assault which it said had involved "disproportionate and indiscriminate attacks", including aerial bombing of civilian areas, collective punishment, and the killing of more than 650 Palestinians. At the end of an emergency session, the 47-member forum adopted a resolution presented by Palestinians by a vote of 29 states in favor, 1 against (the United States) with 17...

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Brazilians bitter about their team's disastrous World Cup celebrated Argentina's defeat to Germany in the final Sunday by dancing and launching fireworks, relieved that their arch-rivals failed to triumph on their soil. In Brasilia and Sao Paulo, fireworks exploded after Mario Goetze scored in extra-time to give the Germans a last-gasp victory at Rio de Janeiro's Maracana Stadium. At a bar near the stadium, Brazilians chanted "Cry! Cry! Argentina!" in a nod to the song "Don't cry for me Argentina."

RIO DE JANEIRO – Mario Goetze volleyed in the winning goal in extra time to give Germany its fourth World Cup title with a 1-0 victory over Argentina on Sunday. Goetze controlled the ball with his chest and then shot past Argentina goalkeeper Sergio Romero in the 113th minute.

BRAZIL––The German National Team today stunned soccer fans across the globe with their announcement that they would abdicate the World Cup title, effective today. UEFA, the administrative body for association football in Europe and part of Asia, said today it has voted the largely unknown Argentinian National Team to assume the title of champions of the soccer world. In a statement issued today, the German National Team wrote: “…in today’s game, subject to so many rapid changes on the pitch and shaken by questions of deep relevance for the beautiful game, in order to govern the bark of the World...

Life is a challenge these days in Germany if you are not a football fan. You simply cannot avoid it. The media is awash with interest in Sunday's World Cup final, with the 'Nationalelf' (national 11) involved against old rivals Argentina. The stunning 7-1 semi-final win over hosts Brazil resulted in football euphoria only seen before in the country when West Germany won previous World Cup tournaments in 1954, 1974 and 1990. "Three days to go", "two days to go", "one day to go" - these have been the headlines from Germany's biggest selling tabloid Bild. It's the countdown to...

Javier Mascherano’s game-saving slide tackle in Wednesday’s World Cup semifinal match came at a heavy price. The Argentine player, who likely suffered a concussion earlier in the game, says he later tore his anus when he stopped Netherlands forward Arjen Robben’s attack late in extra time. He shared the unfortunate news in a post-match press conference. A rough translation of his remarks: “I do not want to be rude … I tore the anus that play. That’s why I felt so much pain”” It’s not clear whether Mascherano can (or should) play in Sunday’s final against Germany, but his stellar...