Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/25/2014 (2 years ago)

Catholic Online (www.catholic.org)

'The president has decided to stop being orthodox and is going all-out radical,' official says

Argentinian President Cristina Fernández praised her nation's financial system as being "one of the most solid in the world" during a speech at the Buenos Aires stock exchange last week. Many disagree, saying that they fear the mercurial president may go to drastic lengths to deal with her South American nation's debt.

Argentinian President Cristina Fernández praised her nation's financial system as being 'one of the most solid in the world' during a speech at the Buenos Aires stock exchange last week.

Argentinian President Cristina Fernández praised her nation's financial system as being "one of the most solid in the world" during a speech at the Buenos Aires stock exchange last week.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/25/2014 (2 years ago)

Published in Americas

Keywords: Argentina, bailout, bankruptcy, President Cristina Fernández


LOS ANGELES, CA (Catholic Online) - Fernández had previously announced a plan to dodge a U.S. court order to pay so-called "holdout" creditors in New York. The ruling had pushed Argentina into default last month for the second time in 13 years.

Economists warn that the plan to use an Argentine state bank to make debt payments and to invite creditors to swap their foreign law bonds for new ones subject to Argentine law will only prolong Argentina's isolation from international markets. The country defaulted in 2001, and a second one would plunge the economy deeper into recession.

SAVE Iraqi Christians from Genocide --

Many doubt the plan is even feasible. One of the holdout hedge funds, Aurelius Capital Management, said Argentina's leaders had "chosen to be outlaws" with the plan. New York Judge Thomas Griesa said it was "illegal", although he stopped short of declaring Buenos Aires in contempt of court, "for the moment."

Many fear that Fernández is adopting an increasingly hardball strategy.

"The president has decided to stop being orthodox and is going all-out radical," one foreign executive in Argentina said. He was referring to attempts over the past year to normalize relations with international creditors in order to regain access to external financing as central bank reserves plumbed record lows.

Hundreds of supporters of Cristina Fernandez de Kirchner hold a rally at

Hundreds of supporters of Cristina Fernandez de Kirchner hold a rally at 'Luna Park' in Buenos Aires, Argentina, August 12, 2014.


Now apparently stymied by the default, the plan included an agreement to compensate Spain's Repsol with $5 billion after expropriating its Argentine assets in 201. The plan also intends to pay a long overdue $10 billion debt with the Paris Club of creditor nations.

The executive complained of a series of "scary" moves against the private sector, such as threats to sanction a U.S.-based company after it filed for bankruptcy and closed down its local operations, which Fernández claimed was really an attempt backed by the "vulture funds" to spread fear among the population.

Business groups are incensed about a "supply" law being debated in congress that has been described as "retrograde" and "unconstitutional" by business leaders.

Even more worrying, observers fear a conflict is brewing on the scale of Fernández' damaging clash with the farming sector in 2008.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for SEPTEMBER 2016
Universal:
Centrality of the Human Person: That each may contribute to the common good and to the building of a society that places the human person at the center.
Evangelization: Mission to Evangelize: That by participating in the Sacraments and meditating on Scripture, Christians may become more aware of their mission to evangelize.



Comments


More Americas

Cardinal pleads for kidnapped priests' lives Watch

Image of Cardinal Alberto Suarez Inda.

By Kenya Sinclair (CALIFORNIA NETWORK)

Priests continue to be kidnapped and slaughtered in the world's most dangerous country for the clergy - Mexico. LOS ANGELES, CA (Catholic Online) - Mexico is the most dangerous country for priests and each year more servants of the Lord go missing, are kidnapped and ... continue reading


Two priests discovered dead in Mexican field - Why Mexico is the most dangerous country for clergymen Watch

Image of Violence against priests continue in Mexico.

By Kenya Sinclair (CALIFORNIA NETWORK)

Mexican priests Alejo Nabor Jiménez Juárez and José Alfredo Suárez de la Cruz were discovered murdered in a field on September 19. LOS ANGELES, CA (Catholic Online) - The priests were kidnapped on September 18 from Our Lady of Fatima Parish in Poza Rica.After their ... continue reading


'We pray to the Lord that he blesses our beloved homeland' - Two priests discovered dead in field Watch

Image of Mexican priests continue to be slain.

By (CNA/EWTN News)

One day after they were kidnapped from their parish, Mexican priests Alejo Nabor Jiménez Juárez and José Alfredo Suárez de la Cruz were found murdered in a field. Mexico City, Mexico (CNA/EWTN News) - The Mexican Bishops Conference confirmed the priests' deaths and ... continue reading


Nun murdered in drive-by shooting Watch

Image of Sister Isabel Sola Matas was killed in Haiti.

By (CNA/EWTN News)

As the world turned its focus on Rome for the canonization of Mother Teresa last weekend, another religious sister lost her life while caring for the poor in Haiti. Port au Prince, Haiti (CNA/EWTN News) - Sister Isabel Sola Macas, 51, from the Congregation of the ... continue reading


Tim Kaine, Democrat for VP may be a former KGB 'Liberation Theology' student? Watch

Image of

By (CNA/EWTN News)

San Pedro Sula, Honduras, Sep 6, 2016 / 01:09 pm (CNA/EWTN News).- He was only 22 years-old, and he was only there for nine months. But U.S. Senator and Democratic vice-presidential hopeful Tim Kaine credits the time he spent with a Jesuit community in Honduras as so ... continue reading


Beat the sisters and desecrated their chapel Watch

Image of The chapel (not pictured) was ransacked.

By (CNA/EWTN News)

The community of the Missionaries of Charity in Mar del Plata, Argentina, became the target of criminals late last week, as three men broke in, beat the sisters and desecrated their chapel. Buenos Aires, Argentina (CNA/EWTN News) - According to reports, three ... continue reading


Amigos? Mexican president asks Trump to visit for private meeting Watch

Image of President Pena Nieto, has invited Donald Trumpto meet with him in Mexico.

By David Drudge (CALIFORNIA NETWORK)

Donald Trump, looking more presidential than ever, has accepted an invitation from the President of Mexico to visit. The Republican nominee accepted Enrique Pena Nieto's invitation to travel south of the border for a meeting. LOS ANGELES, CA (California Network) - ... continue reading


SNAKE DYNASTY - Archaeologists discover rare, intact Maya tomb Watch

Image of An intact tomb has been discovere din the Mayan city of Xunantunich.

By Marshall Connolly (CALIFORNIA NETWORK)

Archaeologists have uncovered a Maya tomb containing treasure and a body. The rare discovery was made in Belize, among the ruins of the ancient city of Xunantunich. LOS ANGELES, CA (California Network) - Archaeologists have found an intact Maya tomb. The discovery is ... continue reading


Thanks socialism! In Venezuela, people eat ZOO animals to survive Watch

Image of This rare black stallion was stolen from its enclosure and butchered by hungry people. Hundreds of zoo animals across the country have either died from starvation or become food for people or other predators.

By Marshall Connolly (CALIFORNIA NETWORK)

Socialism has failed hard in Venezuela where people have taken to a gruesome practice to stay alive. Authorities in the country say people are sneaking into zoos to eat the animals. LOS ANGELES, CA (California Network) - In 2015, the falling price of oil and other ... continue reading


Corrupt nuns accused of hiding $9m in cash and jewels in Argentinian convent Watch

Image of Cash and jewels were discovered hidden in the convent (Argentine Police).

By Kenya Sinclair (CALIFORNIA NETWORK)

A convent in Argentina is under investigation after an Irish priest was found to be involved in a corruption scandal. LOS ANGELES, CA (Catholic Online) - According to Catholic Culture, surveillance footage revealed four nuns have been assisting former minister José ... continue reading


All Americas News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Amos 6:1, 4-7
1 Disaster for those so comfortable in Zion and for those so confident on ... Read More

Psalm, Psalms 146:7, 8-9, 9-10
7 gives justice to the oppressed, gives food to the hungry; Yahweh sets ... Read More

Gospel, Luke 16:19-31
19 'There was a rich man who used to dress in purple and fine linen and ... Read More

Reading 2, First Timothy 6:11-16
11 But, as someone dedicated to God, avoid all that. You must aim to be ... Read More

Saint of the Day

Saint of the Day for September 25th, 2016 Image

St. Finbar
September 25: He was the son of an artisan and a lady of the ... Read More