Thursday, August 7, 2014

Global Impact: Update--Buenos Aires Still Playing Games with US Supreme Court Ruling

According to The Associated Press, the left-leaning and populist government of  Argentine President Christina Fernández de Kircher has yet to utter the word "Uncle," to the US courts, so has gone to the International Court of Justice (ICJ) in seek of a different response to its liking.

US courts have ruled that Argentina must pay in full "holdout" bondholders who did not participate in a restructuring of the country's debt after a default in 2001.

The court said Argentina's application asserted that the US rulings amounted to a violation of its sovereignty.

COMMENT: The ICJ, often referred to as the "world court," is the United Nations' court for resolving disputes between nations.

The court said Argentina has sent the US government a letter requesting that it accept the court's jurisdiction.

Unless the US Supreme Court agrees, the court will not have jurisdiction and the case will not proceed.