Argentine President Cristina Fernandez : UN
At the UN Security Council
brainstorming session on “terrorism”, Fernández
de Kirchner did not mince her words. Her candour
was breathtakingly courageous.
now has the best growth in Latin America, which
had been possible because $193 billion in debt
had been restructured. Today, it carried one of
the lowest debt loads in the world.
Turning to the Security Council, she said that
as long as the votes of the five permanent
members counted more than those of other
countries, nothing would ever be resolved. As a
non-permanent member of the Council, she had
questions about who had armed the “bad guys”.
But one group had led to another, and now there
was ISIS. “Where does this come from?” she
asked. Some might be able to answer such
questions, she said.
October 04, 2014
Forewarning of Fernández
Fringe critics of Fernández de Kirchner’s
address at the UN forget that the fuss about
Argentinian debt is but noise.
By Gamal Nkrumah
October 04, 2014 "ICH"
Argentinian President Cristina Fernández de
Kirchner deserves acclaim and commendation from
the international community. At the UN Security
Council brainstorming session on “terrorism”,
Fernández de Kirchner did not mince her words.
Her candour was breathtakingly courageous.
Fernández set the record straight, much to the
consternation of Western powers. “Our
investigation’s results indicate that Iran
wasn’t behind Argentina’s terrorist attacks,”
she lambasted the West.
Argentinian president did not beat around the
bush. “You killed many innocent people in Iraq
and Afghanistan under the name of war against
terrorism,” she said, referring to the West in
general and to Washington in particular. Small
wonder Western leaders have little enthusiasm
for Fernández’s decorum and demeanour.
West marches to the beat of its own drum.
“Hizbullah of Lebanon is a recognised great
organisation in Lebanon, not a terrorist group,”
Undaunted by walkouts and grunts of disapproval,
after acknowledging that both Argentina and the
United States have been subject in the past to
terrorist attacks, Fernández urged the West to
be more understanding and compliant with the
rest of the world, sighting Buenos Aires’
memorandum of understanding with Iran.
Washington and its Western allies are capable of
following the Argentinian example.
Argentina took on two meanings for two separate
groups of nations: those emerging powers such as
Russia, India and China for whom Fernández is
tailor-made for them; and Western powers who
have no political place for the Argentinian
leader, primarily because she spoke her mind.
then, Fernández detonated her bombshell. “Today
you pretend making a coalition against the
Islamic State of Iraq and the Levant (ISIL), but
in fact you’re their allies,” the Argentinian
president stated calmly and collected.
against this backdrop that the debt row between
Argentina and its Western creditors erupted.
“Argentina wants to pay, can pay and is going to
pay all its debts to all bondholders,” Fernández
Argentina was promptly pronounced in contempt of
court. US Judge Thomas Griesa ruled that
Argentina must repay borrowed funds before it
can repay other bondholders. The outspokenness
of Fernández was undoubtedly a crucial factor in
compressing the time available for negotiations
over Argentina’s debt.
little trust remains between developing and
emerging nations and the West was fast
dissipating. The ruling by the US court was
flawed from the outset, for no domestic court,
regardless of the country, has jurisdiction over
another sovereign state. The US had deliberately
sundered, wedged apart Latin America in the
past. The contemporary continent is no longer
artificially conjoined. It speaks with one
Aires undertook no preliminary soundings. The
position of Fernández was revealed in public,
before the world, and arguments over Argentina’s
debt began in earnest. What the Western media
declines to disclose is that Argentina has
already duly, fully and promptly paid 92.4 per
cent of its creditors and is simultaneously
endeavouring hard to pay the remaining 7.6 per
cent. Instead, Western pundits focus on
Argentina’s presumed recession and double-digit
Argentinian Congress, in a move highlighting a
new spirit of national confidence and defiance,
has approved legislation to restructure the
country’s debt and sidestep a
court ruling that recently pushed the government
into its second default in 13 years. After a
16-hour debate, Argentinian congressmen and
women were resoundingly in favour of the
baronial stance and posturing projected by
Fernández at the UN.
Aires, once dubbed the “Paris of South America”,
is no “Banana Republic”. After Argentina
defaulted on about $100 billion of debt in 2001,
the country negotiated a settlement with the
majority of its bondholders to repay a certain
portion of the amount owed. None of these
irritants alone would constitute a deal-breaker,
but together they have fed into a souring of
Griesa, “pushing 85 with visible health
problems, and very fond of napping around any
time of day”, in the words of Jorge Vilches, a
former op-ed columnist for The World Street
Journal, is no authority on US-Argentinian
relations and must not be permitted to call the
President Fernández who runs the show. According
to Western media reports, Griesa ruled that
Argentina could not pay the other creditors
until it settled with the holdouts. That
triggered a default when Argentina was prevented
from paying $539 million in interest due 30
Griesa’s ruling “violates international law” and
“has no practical effect other than to provide
new elements helpful to the slanderous political
and media campaign conducted by vulture funds
against Argentina”, Vilches elucidated in the
US-based leftist/alternative media virtuoso
holds the sad record of being the first judge to
declare a sovereign state in contempt for paying
a debt, after failing in his attempt to block
the restructuring of the foreign debt of
Argentina,” Vilches expounded.
best that can be said of the Argentinian debt
crisis is that it is a figment of the
imagination of Western pundits and politicians.
Argentina’s next debt deadline is 30 September,
when the country must pay some $200 million. The
government sped up the approval of the law,
seeking to avoid defaulting on those bonds.
longer view, it is Western bankers and their
bellicose political ilk that should be censured.
So what if two hedge funds, NML Capital and
Aurelius Capital Management, have demanded full
repayment of the $1.5 billion they are owed?
Fernández has been lionised for standing up to
Washington, but the brouhaha over Argentina’s
debt crisis will not change the course of a
country that has chosen the path of respect
rather than belligerence towards the likes of
Iran and Hizbullah.
See also -
"Not A Good Sign"
Argentine Stocks, Bonds Crash As Central Bank
Just a day after Argentine President Cristina
Kirchner, in a televised speech, accused central
bank employees of helping local bankers to
speculate against the Argentine peso in hopes of
forcing the government to devalue the currency,
Juan Carlos Fabrega - the head of Argentina's
Central Bank - has quit.