Argentina - Injustice?

Updated August 1, 2014 3:29 PM The Justice of Argentina’s Default A federal judge in New York has ruled that Argentina must pay a small group of creditors in full — about $1.5 billion — even though it got 93 percent of its other bondholders to accept partial payment in a debt restructuring after its 2001 default. Now it faces default again because the judge has refused to let it pay any other creditors until it pays these hedge-fund investors, whom critics call “vultures.” Critics of the ruling say it will encourage other creditors to demand full payment, scuttling the debt deal and make future debt restructurings elsewhere impossible. Is it fair to make Argentina choose between defaulting and paying some of its past creditors in full? Could that help prevent struggling countries from recovery economically? Source - New York Times - here.

Hmmmm ... I'm a tad confused.

Argentina didn't choose to default, if the bank Argentina paid the money into was barred from making the transfer.

Shouldn't the headline read:  'The injustice ... "

GAZA - UN HRC Votes - 23 July 2014 Resolution - Who's for and Who's against?

Firstpost. Saturday, August 2, 2014 India to provide $1 million for aid to Gaza victims ... India contributes $1 million towards the UNRWA fund each year. The money is being planned to be expedited in view of the unceasing violence and the mounting suffering of the people of Gaza. India voted against Israel in the July 24 UN Human Rights Council (UNHRC) resolution that sought a probe into Israel's offensive in Gaza ad also condemned Tel Aviv's "disproportionate use of force". The India vote caused some consternation in Israel, with which India shares good relations. There was some censure for India's negative vote for Israel as experts felt that maybe India should have abstained, keeping in mind the good economic relations, especially in defence purchases, New Delhi shares with Tel Aviv. ... India joined Brazil, Russia, China and South Africa to vote for a Palestinian-drafted resolution on "Ensuring Respect for International Law in The Occupied Palestinian Territories, including East Jerusalem". In the 46-member human rights council, 29 countries voted in support of the resolution while 17 nations abstained. Supporting calls for an immediate ceasefire, India said at the UNHRC that it is "deeply concerned at the steep escalation of violence between Israel and Palestine, particularly heavy airstrikes in Gaza and disproportionate use of force on ground, resulting in tragic loss of civilian lives, especially women and children and heavy damage to property." ... This story has not been edited by Firstpost staff and is generated by auto-feed. EXTRACTS ONLY ... FULL @ SOURCE - http://www.firstpost.com/fwire/india-to-provide-1-million-for-aid-to-gaza-victims-1645971.html

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Blogger Research

Human Rights Council

Twenty-first special session

23 July 2014

A/HRC/RES/S-21/1

                        Resolution adopted by the Human Rights Council

                              S-21/1

Ensuring respect for international law in the Occupied Palestinian Territory, including East Jerusalem

UN HUMAN RIGHTS COUNCIL

Member Total: 47

[ 29 ] - For

[  1  ] - Against

[ 17 ] - Gutless

In favour:

Algeria, Argentina, Brazil, Chile, China, Congo, Costa Rica, Côte d’Ivoire, Cuba, Ethiopia, India, Indonesia, Kazakhstan, Kenya, Kuwait, Maldives, Mexico, Morocco, Namibia, Pakistan, Peru, Philippines, Russian Federation, Saudi Arabia, Sierra Leone, South Africa, United Arab Emirates, Venezuela (Bolivarian Republic of), Viet Nam

Against:

United States of America

Abstaining:

Austria, Benin, Botswana, Burkina Faso, Czech Republic, Estonia, France, Gabon, Germany, Ireland, Italy, Japan, Montenegro, Republic of Korea, Romania, the former Yugoslav Republic of Macedonia, United Kingdom of Great Britain and Northern Ireland]

Anyone that's interested in reading the Resolution, may do so - here.

COMMENT

Well, at least US had the guts to openly vote against.

The gutless abstainers are by and large US NATO allies, plus those involved in the US Partnership for Peace 'boy scouts' co-op (Austria, Macedonia).

To my mind, PfP is the US way to gain influence over other nations (but isn't everything?).

So what's the story of:

Botswana - US reliant - 

U.S. Agency for International Development (USAID), is another US way of gaining influence.

Botswana gets US assistance.

The pals relationship with US also entitles them to 'preferential trade benefits' 

source:  http://www.state.gov/r/pa/ei/bgn/1830.htm

Burkina Fasco - appears to depend on US aid -

"Burkina Faso is classified as a least developed, low income, and food deficit country.  The United Nations Development Program (UNDP) 2013 Human Development Index ranks Burkina Faso 183 out of 187 countries, and over 44 percent of the population lives below the poverty line."

source:  http://www.usaid.gov/burkina-faso/food-assistance

Republic of Korea (ie SOUTH KOREA) - Strong US ally and trade partner

2009 G-20 London Summit, U.S. President Barack Obama called South Korea "one of America's closest allies and greatest friends."  In addition, South Korea has been designated as a Major non-NATO ally. [wikipedia]

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How to control the world in 4 easy steps:

1.  Protection/Security agreements.

2.  Mid-way hand-holding, peace-loving programs to gain influence.

3.  Trade agreements.

4.  Aid provision / Food provision.

But that's not all folks ... there's more.  LOL


So getting back to the UN HRC resolution (which I've just about totally forgotten), there's some deploring and some condemning documented - and there's resolutions. UN HRC:

"Decides to urgently dispatch an independent, international commission of inquiry, to be appointed by the President of the Human Rights Council, to investigate all violations of international humanitarian law and international human rights law in the Occupied Palestinian Territory, including East Jerusalem, particularly in the occupied Gaza Strip, in the context of the military operations conducted since 13 June 2014 ..."

So it's hardly a big stick, is it?

It's not like they were voting on immediate military action in the region.

It was just a call for human rights observance!

GAZA - DEATH TOLL 1,600

GAZA DEATH TOLL - 1,600 Source: Twitter

Obama releases same old propaganda

http://thehill.com/policy/defense/214075-obama-pressures-putin-on-ukraine-missile-treaty

US and Russia break the silence ... er, since Tuesday.  LOL

Just some more White House propaganda of the 'raised concerns' kind.  LOL

So it is just Obama pointing the finger at Russia.

Biden's yapping about the $8 mil assistance in Ukraine.

Yeah, but whose assistance?   LOL

UK - Influence of Pro-Israel lobby groups

Went to #auspol to check out tweets.

Scrolling through, find this:

Over 50% of British Gvt MPs are on Israeli payroll Guardian reports. Is Ausn gvt pro-Israel for $? http://www.theguardian.com/politics/2009/nov/16/pro-israel-lobby-conservatives-channel4-dispatches … #auspol @Chara_fc

Via Twitter Guardian Article Pro-Israel lobby group bankrolling Tories, film claims 50% of MPs in the shadow cabinet are Conservative Friends of Israel members, according to Channel 4's Dispatches Ian Black, Middle East editor The Guardian, Monday 16 November 2009 Pro-Israeli organisations in Britain look set to see their influence increase if the Conservatives win the next election, a film scrutinising the activities of a powerful but little-known lobby warns today. At least half of the shadow cabinet are members of the Conservative Friends of Israel (CFI), according to a Dispatches programme being screened on Channel 4. The programme-makers describe the CFI as "beyond doubt the most well- connected and probably the best funded of all Westminster lobbying groups". Inside Britain's Israel Lobby claims that donations to the Conservative party "from all CFI members and their businesses add up to well over £10m over the last eight years". CFI has disputed the figure and called the film "deeply flawed". The programme also describes how David Cameron allegedly accepted a £15,000 donation from Poju Zabludowicz, a Finnish billionaire who chairs Bicom (the Britain Israel Communications and Research Centre). Zabludowizc, the film reveals, has business interests in an illegal West Bank settlement. He also gave £50,000 to Conservative Central Office. Zabludowicz says his contributions "are a matter of public record". William Hague allegedly accepted personal donations from CFI board members totalling tens of thousands of pounds after being appointed shadow foreign secretary. More than £30,000 from CFI supporters went to the campaign funds of members of Cameron's team who were first elected in 2005, the film claims, using publicly available information. The programme-makers say that while this is legal, it is not well-known. The CFI director, Stuart Polak, told the Guardian the figure of more than £10m is not supported by any facts. "It is fictitious, misleading and damaging to the reputation of CFI and its supporters," he said. "CFI as an organisation has donated only £30,000 since 2005. Each of these donations has been made transparently and publicly registered. In addition to this £30,000, it is undoubtedly the case that some of our supporters have also chosen, separately, to donate to the party as individuals." Two years ago a controversial study by American academics Stephen Walt and John Mearsheimer explored the influence of the Israel lobby over US foreign policy. But Britain's pro-Israel organisations have been subjected to far less scrutiny. ... rest of article @ source: http://www.theguardian.com/politics/2009/nov/16/pro-israel-lobby-conservatives-channel4-dispatches

I'm guessing that where you have well organised lobby groups, there is undoubtedly some level of influence.

ARGENTINA - $1 BILLION DEFAULT INSURANCE TRIGGERED ON BONDS

Argentina Default Triggers $1 Billion of Swaps After ISDA Ruling By Abigail Moses Aug 2, 2014 2:04 AM ET Argentina’s failure to pay interest on its bonds is a credit event that will trigger settlement of $1 billion of default insurance, according to the International Swaps and Derivatives Association. ISDA’s determinations committee made the ruling in response to a question posed by Swiss bank UBS AG after the government missed a July 30 payment deadline on $539 million of interest. Argentina is the first nation to trigger default swaps since Greece restructured its debt in 2012. The ruling was seen by traders as complicated because Argentina made the required payment to the trustee for the bond, Bank of New York Mellon Corp. The bank said yesterday that a U.S. judge’s ruling bars it from passing the money to bondholders without a resolution of the nation’s dispute with hedge funds led by Elliott Management Corp., which sued the nation for $1.5 billion. “From the perspective of Argentina, you could argue they provided the payments and the transfer mechanism doesn’t work,” said Jochen Felsenheimer, the Munich-based founder of XAIA Investment GmbH, which manages 2.8 billion euros ($3.76 billion) in credit funds. “From the investor standpoint, you can argue they didn’t get the coupon.” ... Binding Decisions ISDA’s determinations committee was formed in 2009 and makes binding decisions for the market on whether contracts can be triggered. The 15-member group includes representatives from Bank of America Corp., Elliott Management, Morgan Stanley and JPMorgan Chase and Co. There were 2,652 contracts covering $1 billion of Argentina bonds as of July 25, according to the Depository Trust and Clearing Corp. That compares with about $3 billion for Greek bonds when they were triggered in 2012 and $20 billion on Italy’s as of last week. ... EXTRACT ONLY ... FULL @... http://www.bloomberg.com/news/2014-08-01/argentina-default-triggers-1-billion-of-swaps-after-isda-ruling.htmll

Argentina made the payment.

Bank of New York Mellon Corp didn't make the transfer.

Judge's ruling bars the bank.

Perhaps the State should pay the insurance then, because the matter isn't resolved.
One would think there would be avenues of appeal?

ISDA (International Swaps and Derivatives Association) make binding decisions ...but is ISDA impartial?  Is it supposed to be?

Check out the $20 billion bonds associated with Italy!!  That looks an interesting story.

IRON DOME - $255 MIL US FUNDING TO ISRAEL - DEMOCRATS & REPUBLICANS STAND WITH ISRAEL

'Iron Dome' - is designed to destroy incoming rockets and artillery shells.

Components are:

• tracking radar
• management and weapon control system
• missile firing unit

'Iron Dome' - can determine expected landing whereabouts of projectiles and intercepts those that pose threats.

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US Senate just approved emergency 'Iron Dome' funding of $225 million to Israel

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During my travels, I stumbled on this article:


http://www.theblaze.com/blog/2014/08/01/senate-passes-225-million-to-fund-israels-iron-dome/


Local leaders attend national Jewish unity event in support of Israel

Posted: Friday, August 1, 2014 10:45 am

By David Baugher, Special to the Jewish Light

As combat continues in Gaza and diplomatic efforts run around the clock to end the fighting, five St. Louisans were among hundreds in Washington D.C. who were able to hear from leadership in both parties about America’s relationship with Israel.

...

The gathering, which took place at the National Press Club under the auspices of the Jewish Federations of North America and the Conference of Presidents of Major American Jewish Organizations, included representatives from Jewish agencies in 50 communities. ...

While there, the visitors heard Monday from top-ranking congressional leaders including Republican House Speaker John Boehner and Democratic Whip Rep. Steny Hoyer. National Security Advisor Susan Rice also spoke as did Israel’s ambassador to the United States Ron Dermer.

The trip comes as the military conflict in Gaza, which began earlier this month, is intensifying. The U.S. has generally backed the Jewish State’s efforts against Hamas but has also been trying to negotiate a ceasefire. Israeli media has crackled of late with reports of deep dissatisfaction toward American Secretary of State John Kerry whose recent outline for a truce was seen by some as not addressing Israeli security concerns. The ongoing negative commentary drew an uncharacteristically icy rebuke Monday from a State Department spokeswoman who said the criticism was “not the way partners and allies treat each other.”

...

“Both of them said that what you hear in the press is not true,” Markus said. “Kerry has been making an extraordinary effort and reports have been misleading. The reality is that Kerry’s work on behalf of the U.S. has been very helpful every step of the way for Israel.”

...

“Susan Rice said again and again that we have always been a partner with Israel,” she said. “We stand with Israel during times of war and during times of peace. We understand what’s at risk here.”

Rice also talked of Iron Dome, the Israeli defense system which has seen success in warding off rocket attacks from Gaza and Rep. Eliot Engel of New York told the group he would push for greater American aid to expand the system.

“Engel said he was introducing a bill in the House tonight to support the Iron Dome and provide more funding for Israel,” she said.

...

“It was Republicans and Democrats. They said that we may disagree on a lot of things but what Congress and this administration stands together on is Israel,” she said. “There was just no doubt that the relationship was strong and enduring.”

...

Croughan said other topics of conversation included the need to destroy Hamas’ tunnel system, the demilitarization of Hamas in Gaza and the disturbing rise of anti-Semitic sentiment in Europe in the wake of the conflict.

....

Extracts only ... full @ source:

http://www.stljewishlight.com/news/local/article_9c08a778-1991-11e4-9d5e-001a4bcf887a.html

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COMMENT

I think the cards might be stacked against the Palestinians.