Argentina threatens to sue banks helping Falklands oil explorers as trade war with Britain escalates

The Telegraph ^ | 3/31/2012 | James Quinn

[bruinbirdman]

A group of British and American banks have been threatened with legal action by the Argentine government for advising and writing research reports about companies involved in the Falkland Islands’ £1.6bn oil industry.

In what amounts to the start of a new trade war between the UK and Argentina, the banks - understood to include the Royal Bank of Scotland, Barclays Capital and Goldman Sachs - have been warned they face criminal and civil action in Argentine courts.

The threats were made in a series of letters sent to as many as 15 banks by the Argentine embassy in London over the last ten days.

The letter, a copy of which has been seen by The Sunday Telegraph, warns the institutions that even merely writing research notes on exploration companies involved in the Falklands constitutes “a violation of the applicable domestic and international rules”.

The news - coming a day ahead of the 30th anniversary of Argentina’s invasion of the Falklands which sparked the 1982 conflict - is likely to worsen tensions between the two countries. The Argentine government is continuing to push for sovereignty.

The two-page letter, to which a schedule of legal declarations about the Falkland’s ownership are attached, is intended to warn off the banks from any further involvement in the South Atlantic oil industry.

In an element that is likely to heighten diplomatic tensions, the letter - written in Spanish - contains the header “2012 - Ano de Homenaje al doctor Manuel Belgrano”. This is a direct reference to the Argentine economist after whom the ARA General Belgrano was named. The ship was sunk by British forces during the 1982 conflict.

The letter warns the banks to “bear in mind, when offering their opinions, risk ratings and investment recommendations, the existence and characteristics

[Army Air Corps]

...have been warned they face criminal and civil action in Argentine courts.

And the collective response is, "BFD."

[GeronL]

This is nothing but a move to distract their citizens from the economic problems created by their own socialist government.

[GeronL]

Decadence in Australia as it falls apart

http://www.themodernsurvivalist.com/archives/1971

Very good article, by the way.

[M Kehoe]

Didn't the Argentinians do this once before, and it ended badly?

Doesn't the UK have nuclear weapons?

Maybe this time England will take over Argentina?

5.56mm

[Nebr FAL owner]

Have the British embassy in Argentina announce that the Argentines can do bussiness with the Brits as logistic support & reap hundreds of millions or they can have another shooting war .

Do this PUBLICLY so that the Argentine Govt. is not a filter . This will put the crooked politicians on the defensive & cause the Argentine citizens to think twice .

[SunkenCiv]

Is it just me, or does it smell like George Soros in here?

Thanks bruinbirdman.

[sinsofsolarempirefan]

This new Britain vs Argentine conflict isn’t military, it is diplomatic, and the Argies are winning. They’ve pretty much managed to turn every South American country against Britain with their tub thumping, and this is bad news for Britain’s trade relations with the entire continent...

[JerseyHighlander]

LOL insanity.

Google this: Argentina access international bond market

Argentina has nothing of value to back up their threat to the intl banking system which as a whole has already rejected Argentina’s participation in modern intl financial debt markets.

Even the most ardent scoialists/progressives in the anglophone media have completely given up on the Argentine government’s ability to function in the world financial markets.

[Truth29]

Britain is losing is defense capability to project power rapidly. The best hope is that Argentina moves too soon and Britain still has a little left to fight back. Argentina needs to be taught a lesson that they will remember starting with a decapitation strike on their government.