. Energy News .




POLITICAL ECONOMY
Argentina: Hedge funds to blame for woes
by Staff Writers
Buenos Aires (UPI) Jan 11, 2013


disclaimer: image is for illustration purposes only

Argentine President Cristina Fernandez de Kirchner says economic predators and hedge funds are to blame for the country's financial troubles.

Fernandez launched a spirited attack on international financial community and market players as she led a lavish celebration to welcome Argentine naval ship Libertad, which sailed home from Ghana after more than two months of an acrimonious detention in the West African country.

Libertad was seized in Ghana following legal action by an investment company seeking to recover money owed by Argentina since its 2002 debt default.

Argentina is still denied access to international markets. Delays in repaying debts since the default have earned Argentina the ire of U.S. President Barack Obama, who withdrew preferential trade privileges for the country.

Fear of creditors has also led Fernandez to avoid use of the presidential jet in case it is impounded the same way as Libertad was through creditor action.

Thousands of people lined the Argentine harbor at Mar del Plata to welcome the ship. Release of the vessel from Ghana came after a U.N. court ordered its release.

The vessel was prevented from leaving Ghana Oct. 2, 2012, following a complaint from NML Capital, one of Argentina's numerous creditors.

Fernandez said the Libertad's return was a victory for Argentina's struggle against what she called international extortion.

"We're going to keep on fighting because no one's going to get anything out of Argentina with extortion," Fernandez told a cheering crowd.

NML Capital, a subsidiary of U.S. hedge fund Elliot Capital Management, says it is owed $370 million since Argentina's default. It tried and failed to recover $20 million of the reported debt in return for the ship's return.

Argentina's defense that the naval ship had immunity as a military vessel won it the argument that led to Libertad's release but creditors are poised to seize Argentine assets whichever way they can.

Fernandez said her government was "accustomed to external, internal and even underground pressures" but declared "no one will ever obtain anything from Argentina by extortion and by force."

Fernandez also used the celebration to rail against Britain over Argentina's territorial claims over the Falkland Islands, a British Overseas Territory. Argentina claims sovereignty over the islands, which its military-led government invaded in 1982.

A resulting conflict with Britain caused the deaths of 649 Argentine troops, 255 British military personnel and three Falkland Islanders.

Argentina appears to have torn up the official surrender document at the end of that war, reviving Falklands claims with a more energetic international campaign.

In her latest speech, Fernandez said Britain is militarizing the South Atlantic territory, and accused Britain of threatening Argentina.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...





POLITICAL ECONOMY
Japan premier unveils $226.5 bn stimulus package
Tokyo (AFP) Jan 11, 2013
Japan's new government unveiled a $226.5 billion stimulus plan Friday in the latest bid to boost the world's number three economy, with plans to rebuild disaster-hit areas and beef up the military. Japanese investors welcomed the news, with the Nikkei index surging to a 22-month high and the yen tumbling, but some analysts questioned its long-term effect and warned it could lead to more mise ... read more


POLITICAL ECONOMY
Joint Polar Satellite System Common Ground System now serving newest mission

Google maps New Year's resolutions around the world

Mission Accomplished for Landsat 5

Hyundai, Kia to go with Google Maps

POLITICAL ECONOMY
New location system could compete with GPS

Beidou's unique services attractive to Chinese companies

China eyes greater market share for its GPS rival

Researchers told to ward off navigation system interference

POLITICAL ECONOMY
Greeks ravage forests to heat homes

Philippines anger at logging ban murder

World's smelliest and largest flower blooms in Brazil

Amazon deforestation brings loss of microbial communities

POLITICAL ECONOMY
Tree seeds offer potential for sustainable biofuels

Engineered algae seen as fuel source

Lithuanians recycle Christmas trees into biofuel

Germany Helps Ukraine Develop Biofuel Production

POLITICAL ECONOMY
Number of Companies in the Solar Supply Chain Set to Plunge This Year

Kyocera Introduces Diamond Partner Program for Solar PV Installers

JLM Gets Cert For Gyezr Commercial Grade Solar Thermal Collectors

Concentrated Solar Power With Thermal Energy Storage Can Help Utilities

POLITICAL ECONOMY
Algonquin Power Buys 109 MW Shady Oaks Wind Power Facility

British group pans wind farm compensation

GE and International Consortium Buys 32 Wind Farms in France

Tax credit extension a reprieve for wind

POLITICAL ECONOMY
China mine blast kills 17: state media

China mine blast toll rises to 23

China mine blast kills 18: state media

US shale gas drives up coal exports

POLITICAL ECONOMY
China bloggers back censorship protest

China press freedom campaign swells with new rally

Former prisoner welcomes China labour camp reform

Protesters gather at China newspaper in censorship row




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement