Posted on 08/07/2014 12:34:52 PM PDT by Citizen Zed
Argentina is seeking to sue the United States at the world court over U.S. court rulings that last week forced the Latin American country into a default. The International Court of Justice, commonly known as the world court, said in a statement Thursday it has received a request from Argentina to take on the case. There is a major hurdle though: the U.S. must agree to grant the international court jurisdiction if the suit is to proceed. In a statement, the Hague, Netherlands-based court said Argentina's filing asserted that U.S. court rulings amount to "violations of Argentine sovereignty."
The dispute stems from a U.S. court's order for Argentina to pay in full a group of bondholders led by a New York hedge fund who refused to accept lower payments for restructured bonds following the country's default in 2001. The U.S. court, in a decision upheld by the Supreme Court, ordered Argentina to pay the holdout investors about $1.5 billion. It blocked the country from making $539 million in interest payments to bondholders who did accept the restructuring, leading the country into a new default on July 30. Argentine officials have repeatedly argued that the U.S. court decisions violate its sovereignty. The default, the country's second in 13 years, adds increased uncertainty to an economy already in recession.
(Excerpt) Read more at m.gazettetimes.com ...
“There is a major hurdle though: the U.S. must agree to grant the international court jurisdiction if the suit is to proceed.”
Drum roll.......
Pay your debts and you don’t have these problems...
Not to worry.....Obama will make sure this will happen
In the future, Argentina can try to sell bonds without such clauses, but those bonds will for that reason be much harder to sell and will bear much higher interest rates.
Sorry, we're not giving into the UN and some third world Crapholes on the planet.
Do this once and every cockamamie third world despot will be suing over
meteors and solar flares.
Sounds like something Obama might like. After all, it would only be fair to subject the US to international jurisdiction... s/ With Obama you can't be sure.
Someone needs to tell Captain Midnight that.
You forget that we have a third-world craphole (nice phrase! I may steal it) running things.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.