Beforehand...
One hour away: I’m talking at the LSE on “Sovereigns, Vultures, and Ignoble Cowardice”. You’re invited: http://www.lse.ac.uk/publicEvents/events/2015/01/20150127t1830vHKT.aspx …
Looking forward to @felixsalmon tonight on awful US jurisprudence on #Argentina Here's our critique: http://static.squarespace.com/static/541ff5f5e4b02b7c37f31ed6/5429942de4b0455e57050a1b/542994cfe4b0455e5705335e/1412011215075/Partial-Justice-the-US-Courts-v-Argentina3.pdf?format=original … #LSESalmon
Really looking forward to hearing @felixsalmon speak tonight on Argentina's debt 'crisis' at #LSESalmon
We'll be live-tweeting Felix Salmon's talk this evening. Join the discussion or fire us a question! #LSESalmon #Argentina #sovereigndebt
I'm at #LSESalmon to hear about vulture funds and "ignoble cowardice" with @felixsalmonIntroducing Felix Salmon
Introducing @felixsalmon "I remind myself, he's British!", says Ken Shadlen! @LSEpublicevents #LSESalmon pic.twitter.com/MUuDm0jhTa- .@felixsalmon says at @StudyLSE, "I'm going to say a lot of rude things about vulture things tonight" #LSESalmon
- .@felixsalmon explains in this story, we have the Sovereign (Argentina), the Vulture (Elliot Associates), & the Ignoble Cowardice #LSESalmon
- "Sovereigns do not go bankrupt." If bankruptcy is 'changing ownership' you can't just change the ownership of a country. #LSESalmon
- .@felixsalmon: Argentina is a legitimately sovereign nation, so there is no judge who can force the country to take a haircut #LSESalmon
- .@felixsalmon: most sovereign lending is done in NY, bc creditors get the judgements they want & debtors the immunity they want #LSESalmon
- Doctrine of sovereign immunity: Assets cannot be attached by a court. Normally, there's immunity. Argentina default caused change #LSESalmon
- .@felixsalmon: only the Lehman Bros bankruptcy was larger than Argentina's 2001 default #LSESalmon
- Sovereign immunity protects assets after default. No judicial power will force sales #LSESalmon
Black and white, evil creditors and poor nations in debt narratives don't explain all substance to the drama of default #LSESalmon- .@felixsalmon: Argentina weakened their own market by borrowing internally, as well as from foreign sources #LSESalmon
- Even when Wall St raised concerns, Argentina said it couldn't default! The more you're indebted, the more money ppl throw at you #LSESalmon
- .@felixsalmon on the argentine default of 2001: debt to GDP ratio went from 55% to 165% overnight, after devaluation #LSESalmon
- If a semi-judicial power (like the Troika) is telling you what to do, maybe you're not sovereign #LSESalmon
- .@felixsalmon's speech reminds me of Paul Blustein's book "And The Money Kept Rolling In" - which, incidentally, is worth a read #LSESalmon
.@felixsalmon interesting as always, getting everyone excited about sovereign debt & volture funds #LSESalmon pic.twitter.com/xCxynVIBqn- Argentina defaults in Jan 2002, but waits until 2005 for exchange offer #LSESalmon
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