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US District Court Judge Puts Argentina On Brink Of Credit Default
Posted by The Agonist on November 22nd, 2012

From our partners at The Agonist

A US District Court Judge in New York has ordered Argentina to pay more than $1.3billion to vulture funds that held out and refused to do a deal when Argentina restructured its debt in 2001. She also decided that Argentina should immediately pay the whole amount into an escrow fund pending any appeal, and that Argentina isn’t allowed to pay any of its other bond holders until it does so – which means it now faces default on around $3.billion in payments to creditors who did take part in the restructing – and that in turn would mean default on over $20 billion in national debt.

The Argentinian president has previously said she’ll not pay a single dollar to the vultures and I’ve some sympathy with that – after all, they should’ve gone along with the restructuring instead of being predatory capitalist douchebags. But what the hell is with the escow part of the judge’s decision? I mean, what’s Argentina going to do – move address in the middle of the night and not tell anyone?

You know you’re an Empire when a single local judge can so severely affect the lives of millions in another country a whole continent away. You know you’re a douchebag Empire when judges can place the selfishness of a few corporate robbers ahead of the interests of 42 million people who happen not to be American.

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