At the point of Wall Street’s attempted June 30 deadline to declare the Argentine Republic in default, and crush it as a warning to all other countries who try to defy the British Empire’s bail-in lunacy, the Argentine Presidency took out an ad in three of the United States’s leading dailies this Sunday, to warn the Obama administration that it shall bear the international systemic consequences, should it permit this attempt at genocidal financial blackmail to prevail.
Simultaneous with its offensive against Wall Street’s lies inside the United States, the Argentine Republic continues to line up international support for its battle for the principles of humanity. An extraordinary meeting of the Organization of American States has been convened for Monday, June 30, to discuss “Restructuring the sovereign debt: the case of Argentina and its systemic consequences.” Russian President Vladimir Putin will pay a state visit to Buenos Aires on July 12; Argentine President Cristina Fernandez de Kirchner will attend the BRICS summit on July 15-16; and Chinese President Xi Jinping, accompanied by 150 Chinese businessmen, will visit Argentina on July 19.
The June 30 to July 30 showdown date was set after U.S. Southern District of NY Court Judge Thomas Griesa ordered Argentina to pay the usurious claims of the vulture funds in full, before meeting the regularly scheduled June 30 payment to 92.4% of its bondholders with whom it had signed 2005 and 2010 restructuring agreements. Griesa got the green light to proceed following the decision by Justice Antonin Scalia and a majority of the U.S. Supreme Court to uphold the vultures’ demand for the murderous payment.
Argentina defied the court, transferred payment for the legitimate bondholders to the accounts of the Bank of New York (the fiduciary) in the Argentine central bank, and declared that whosoever, court or bank, should prevent that money from being paid as ordered, would be in violation of law.
Yesterday’s ad, titled “Argentina Pays,” published in the New York Times, Washington Post, and Wall Street Journal, contains the full text of the communiqué issued by the Presidency on June 26, which details the actions taken, and the principles of sovereignty and justice upon which Argentina is acting.
“The sovereign decision on the part of the Argentine Republic serves as a warning to the United States about the consequences of its acts, in view of the international responsibility that falls on it with regard to decisions adopted by its judiciary,” the ad states.
“Any conduct aimed at hindering this payment to our creditors is tantamount to a violation of public international law, which prohibits exerting coercive pressure on other States in view of their sovereign equality, a clause that also applies in the U.S.,” it warns. The U.S. jurisdiction over the restructured bond “does not mean accepting court decisions that are impossible to comply with. All the more so if any such decision violates the sovereign immunity principle effective in the U.S. as a higher-ranking institutional rule.”
Slamming “the unusual, perverse and extortive harassment on the part of a small group of creditors against a sovereign country,” the communiqué states that Judge Griesa’s “bias in favor of the vulture funds and his true intention are crystal clear: to push Argentina into default… which is merely a sophisticated way of trying to bring us down to our knees before global usurers.” The Argentine Republic has received widespread international support, which “implies recognition of the logic and justice of our claims and of the negative systemic effects of these wrong and unfair decisions of the judicial system of the United States.”