“Judicial Colonialism”: Court order stating Argentina had to pay predatory vulture funds

Coming Of Night by prozac1 / freedigitalphotos.net *

Argentine President Fernández de Kirchner “and Finance Minister Hernan Lorenzino have vowed never to pay the vultures, characterizing them as predators that speculated on Argentina’s debt in 2001-2002, refused to participate in the restructuring, and are now trying to extract payment of the full face value of the bonds they purchased at pennies on the dollar.”

“The vulture funds are a “strange species [located] on the margins of the financial system …”  (1)

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London Orchestrating Argentine Default, with”Judicial Colonialism”

LaRouchePAC
November 24, 2012

The City of London and its allied financial sharks on Wall Street are salivating over the possibility that Argentina might soon be driven into “technical default,” following the Nov. 21 ruling by Federal Judge Thomas Griesa of the Southern District of New York that refused to grant Argentina a stay on executing an earlier court order stating Argentina had to pay predatory vulture funds the sum of $1.33 billion, at the same time it pays $3.3 billion to bondholders who participated in the 2005 debt restructuring. The latter payment is scheduled to be made between Dec. 2 and Dec. 15.

The Financial Times, Reuters, Wall Street Journal, and a myriad of other London-allied press sewers are now gleefully predicting an “inevitable” Argentine default, saying it cannot possibly pay both the bondholders and the vultures. Argentina will go to the U.S. Second Court of Appeals on Nov. 26, and has vowed to take the case all the way to the U.S. Supreme Court, if necessary, which it can do, since Argentine bonds were issued under New York State law. As the case will now be thrown back into the appeals process, Griesa said that Argentina can deposit the $1.33 billion into an escrow account for the moment.

Griesa’s ruling represents a ratcheting-up of the economic and political warfare that the City of London has been waging for some time against President Cristina Fernández de Kirchner, designed to bring about her overthrow because of her audacious refusal to obey its genocidal financial dictates and kill her own population. Argentina had asked for the stay while it continued its appeals in higher courts, but Griesa refused, specifically denouncing Fernández de Kirchner and her cabinet for their “defiance” of earlier rulings.

She and Finance Minister Hernan Lorenzino have vowed never to pay the vultures, characterizing them as predators that speculated on Argentina’s debt in 2001-2002, refused to participate in the restructuring, and are now trying to extract payment of the full face value of the bonds they purchased at pennies on the dollar.

The New York court ruling is a form of “judicial colonialism,” said Lorenzino in a Nov. 22 press conference. The vulture funds are a “strange species [located] on the margins of the financial system,” he said. “Their goal is pure speculation…. Their methods are part of a parasitical culture.” These parasites have no nationality, he added, and seek out nations in crisis, as Argentina was in 2001; they seek nations that won’t stand up to them, but Argentina chose to fight and not to back down. With this ruling, the Finance Minister said, Judge Griesa has had the audacity to say that Argentine law isn’t competent to deal with its own sovereign default; his ruling violates Argentine law and its sovereign immunity, and undoubtedly violates a number of international laws as well. – emphasis added

Source:
(1) http://larouchepac.com/node/24575

Related video:

US-based vulture funds target another Argentinean naval ship – October 26,2012

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