Posted on 01/09/2013 6:40:45 PM PST by george76
An Argentine navy ship was given a triumphant homecoming on Wednesday three months after it was seized in Ghana on behalf of a hedge fund suing over defaulted government bonds.
The ARA Libertad, a tall sailing ship used as a training vessel, was detained in the West African nation on October 2 due to a court order obtained by NML Capital Ltd as it fights to get full repayment for the bonds in the courts.
Argentina's government, which calls funds like NML "vultures," asked a U.N. maritime court to intervene and the Hamburg-based tribunal ordered the ship's release last month.
The detention of the Libertad during a tour of Africa was a blow for Argentina's efforts to put the 2002 debt crisis behind it and drew a furious response from left-leaning President Cristina Fernandez.
...
Latin America's third-biggest economy has yet to return to global credit markets 11 years since staging the biggest sovereign debt default in history and legal wrangling with creditors continues.
A U.S. appeals court will start hearing oral arguments next month in a case that could eventually force Argentina to pay bondholders who rejected two debt restructurings in 2005 and 2010 to battle for full payment in the courts.
In order to avoid the risk of having the presidential plane seized by holdout creditors, Fernandez has hired a private aircraft for a four-nation tour of Asia and the Middle East at a cost of $880,000
(Excerpt) Read more at news.yahoo.com ...
Bad precedent considering where our bad president is leading us. We might have to worry about the Repo Man grabbing a carrier while it is in some foreign port.
They need that ship for the upcoming Falklands II invasion.
An odd little story, but interesting.
imho
ymmv
An odd little story, but interesting.
imho
ymmv
Right, I understand they are going to rename it...
Belgrano.
“...it was seized in Ghana...”
Wow, it must suck to have Ghana slapping you around.
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