Since his victory in the November elections, the new President of Argentina, Mauricio Macri, has given priority to resolving the dispute between his country and “vulture funds” – investment funds that buy up heavily marked-down sovereign debt from hard-up States then instigate legal actions with the sole aim of making colossal profits. 1600% was the increase in value that a New York judge saw fit to demand of the people of Argentina in 2012. It is on the basis of this judgement, dubbed “the (...)
No Need to Negotiate with Vulture Funds
29 February 2016, by Renaud Vivien
Cuba: What lies beneath the agreements on the debt with the Paris Club and other creditors?
11 January 2016, by Daniel Munevar
Last December, Cuba reached a historic agreement with the Paris Club to restructure its debt, following the default of the Caribbean island in 1986. According to the group of creditors, Cuba’s debt totalled 11 billion dollars in 2015, including charges accumulated through interest and penalties following default. The terms of the agreement provide that the Paris Club must write off the interest accumulated, totalling 8,500 billion dollars. Cuba, for its part agreed, to pay 2.6 billion (...)
You, Argentina, 5 years on...
29 December 2006, by Damien Millet, Eric Toussaint
Argentina, you have been much talked about since the night of 19 to 20 December 2001 when after three years of economic recession your people went down into the streets to shout their rejection of the neoliberal policies led by Fernando De la Rua and his sinister minister of the Economy, Domingo Cavallo. You showed the world that citizens can change the course of history.
Argentina, those events that resulted in the December 2001 uprising started with the IMF decision not to grant an (...)