Argentine debt restructuring
The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst economic crisis in the nation's history. A second debt restructuring in 2010 brought the percentage of bonds under some form of repayment to 93%, though ongoing disputes with holdouts remained. Bondholders who participated in the restructuring settled for repayments of around 30% of face value and deferred payment terms, began to be paid punctually; the remaining 7% of bondholders won the right to be repaid in full. As part of the restructuring process, Argentina drafted agreements in which repayments would be handled through a New York corporation and governed by United States law; the holdout bondholders found themselves unable to seize Argentine sovereign assets in settlement, but realized that Argentina had omitted to provide for holdout situations and had instead deemed all bonds repayable on pari passu terms that prevented preferential treatment among bondholders.
The holdout bondholders therefore sought, won, an injunction in 2012 that prohibited Argentina from repaying the 93% of bonds, renegotiated, unless they paid the 7% holdouts their full amount due as well. Together with the agreement's rights upon future offers clause, this created a deadlock in which the 93% of renegotiated bondholders could not be paid without paying the 7% holdouts, but any payment to the holdouts would trigger the 93% being due repayment at full value too; the courts ruled that as Argentina had itself drafted the agreement, chosen the terms it wished to propose, it could not now claim the terms were unreasonable or unfair, that this could not be worked around by asserting sovereign status since the injunction did not affect sovereign assets, but ruled that Argentina must not give preferential treatment of any group of bondholders over any other group when making repayments. Subsequently, though Argentina wanted to repay some creditors, the judgment prevented Argentina from doing so, because being forced to repay all creditors, including the holdouts, would have totaled around $100 billion.
The country was therefore categorized as being in selective default by Standard & Poor's and in restricted default by Fitch. The ruling affected New York law Argentine bonds. Proposed solutions include seeking waivers of the RUFO clause from bondholders, or waiting for the RUFO clause to expire at the end of 2014; the dilemma raised concerns internationally about the ability of a small minority to forestall an otherwise-agreed debt restructuring of an insolvent country, the ruling that led to it was criticized both within the United States and internationally. Although the media reported that the default ended with payments to the principal bondholders in early 2016, during the presidency of Mauricio Macri, several hundred million dollars in outstanding defaulted bonds remained unpaid, which resulted in continuation of litigation. In November 2016 Argentina announced that it had settled with additional creditors for US$475 million. Around 1998 to 2002, Argentina's economy went into severe recession.
On December 26, 2001, Argentina defaulted on a total of US$93 billion of its external debt. Foreign investment fled the country, capital flow toward Argentina ceased completely from 2001 to 2003; the currency exchange rate was floated, the peso devalued to nearly 4-to-1, producing a sudden rise in inflation to over 40% and a fall in real GDP of 11% in 2002. Large-scale debt restructuring was needed urgently, since the high-interest bonds had become unpayable; the Argentine government met severe challenges trying to refinance its debt, however. Creditors denounced the default. Economic recovery allowed Argentina to offer large-scale debt swaps in 2005 and 2010; the terms of the debt exchanges were not accepted by all private bondholders. The IMF lobbied for the holdouts until Argentina's lump-sum repayment to the IMF in January 2006. Individual creditors worldwide, who represented about one third of this group, mobilized to seek repayment following the default. Among the most prominent were Task Force Argentina, an Italian retail bondholder association.
S. retail bondholder. Dart renounced his U. S. citizenship in 1994 for tax avoidance purposes, his interests in Argentina became the focus of tax evasion charges in 2013. Italian nationals had become the largest group of foreign retail investors in Argentine bonds when during the 1990s, banks in their country purchased $14 billion in bonds and resold them to nearly half a million investors. Upon
Economics is the social science that studies the production and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, the outcomes of interactions. Individual agents may include, for example, firms and sellers. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, economic growth, the public policies that address these issues. See glossary of economics. Other broad distinctions within economics include those between positive economics, describing "what is", normative economics, advocating "what ought to be". Economic analysis can be applied throughout society, in business, health care, government. Economic analysis is sometimes applied to such diverse subjects as crime, the family, politics, social institutions, war and the environment; the discipline was renamed in the late 19th century due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics. Scottish philosopher Adam Smith defined what was called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people... to supply the state or commonwealth with a revenue for the publick services. Jean-Baptiste Say, distinguishing the subject from its public-policy uses, defines it as the science of production and consumption of wealth. On the satirical side, Thomas Carlyle coined "the dismal science" as an epithet for classical economics, in this context linked to the pessimistic analysis of Malthus. John Stuart Mill defines the subject in a social context as: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.
Alfred Marshall provides a still cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins developed implications of what has been termed "erhaps the most accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins describes the definition as not classificatory in "pick out certain kinds of behaviour" but rather analytical in "focus attention on a particular aspect of behaviour, the form imposed by the influence of scarcity." He affirmed that previous economists have centred their studies on the analysis of wealth: how wealth is created and consumed. But he said that economics can be used to study other things, such as war, that are outside its usual focus.
This is because war has as the goal winning it, generates both cost and benefits. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors may never go to war but rather explore other alternatives. We cannot define economics as the science that studies wealth, crime and any other field economic analysis can be applied to; some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin assumptions of maximizing behaviour, stable preferences, market equilibrium, used relentlessly and unflinchingly."
One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the "choice process and the type of social interaction that analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. A
An honorary degree is an academic degree for which a university has waived the usual requirements, such as matriculation, residence, a dissertation, the passing of comprehensive examinations. It is known by the Latin phrases honoris causa or ad honorem; the degree is a doctorate or, less a master's degree, may be awarded to someone who has no prior connection with the academic institution or no previous postsecondary education. An example of identifying a recipient of this award is as follows: Doctorate in Business Administration; the degree is conferred as a way of honouring a distinguished visitor's contributions to a specific field or to society in general. It is sometimes recommended that such degrees be listed in one's curriculum vitae as an award, not in the education section. With regard to the use of this honorific, the policies of institutions of higher education ask that recipients "refrain from adopting the misleading title" and that a recipient of an honorary doctorate should restrict the use of the title "Dr" before their name to any engagement with the institution of higher education in question and not within the broader community.
Rev. Theodore Hesburgh held the record for most honorary degrees, having been awarded 150 during his lifetime; the practice dates back to the Middle Ages, when for various reasons a university might be persuaded, or otherwise see fit, to grant exemption from some or all of the usual statutory requirements for the awarding of a degree. The earliest honorary degree on record was awarded to Lionel Woodville in the late 1470s by the University of Oxford, he became Bishop of Salisbury. In the latter part of the 16th century, the granting of honorary degrees became quite common on the occasion of royal visits to Oxford or Cambridge. On the visit of James I to Oxford in 1605, for example, forty-three members of his retinue received the degree of Master of Arts, the Register of Convocation explicitly states that these were full degrees, carrying the usual privileges. Honorary degrees are awarded at regular graduation ceremonies, at which the recipients are invited to make a speech of acceptance before the assembled faculty and graduates – an event which forms the highlight of the ceremony.
Universities nominate several persons each year for honorary degrees. Those who are nominated are not told until a formal approval and invitation are made; the term honorary degree is a slight misnomer: honoris causa degrees are not considered of the same standing as substantive degrees earned by the standard academic processes of courses and original research, except where the recipient has demonstrated an appropriate level of academic scholarship that would ordinarily qualify him or her for the award of a substantive degree. Recipients of honorary degrees wear the same academic dress as recipients of substantive degrees, although there are a few exceptions: honorary graduands at the University of Cambridge wear the appropriate full-dress gown but not the hood, those at the University of St Andrews wear a black cassock instead of the usual full-dress gown. An ad eundem or jure officii degree is sometimes considered honorary, although they are only conferred on an individual who has achieved a comparable qualification at another university or by attaining an office requiring the appropriate level of scholarship.
Under certain circumstances, a degree may be conferred on an individual for both the nature of the office they hold and the completion of a dissertation. The "dissertation et jure dignitatis" is considered to be a full academic degree. See below. Although higher doctorates such as DSc, DLitt, etc. are awarded honoris causa, in many countries it is possible formally to earn such a degree. This involves the submission of a portfolio of peer-refereed research undertaken over a number of years, which has made a substantial contribution to the academic field in question; the university will appoint a panel of examiners who will consider the case and prepare a report recommending whether or not the degree be awarded. The applicant must have some strong formal connection with the university in question, for example full-time academic staff, or graduates of several years' standing; some universities, seeking to differentiate between substantive and honorary doctorates, have a degree, used for these purposes, with the other higher doctorates reserved for formally examined academic scholarship.
The Archbishop of Canterbury has the authority to award degrees. These "Lambeth degrees" are sometimes, thought to be honorary. Between the two extremes of honoring celebrities and formally assessing a portfolio of research, some universities use honorary degrees to recognize achievements of intellectual rigor; some institutes of higher education do not confer honorary degrees as a matter of policy — see below. Some learned societies award honorary fellowships in the same way as
The Justicialist Party, or PJ, is a Peronist political party in Argentina, the largest component of the Peronist movement. It is the main opposition party. Former presidents Carlos Menem, Eduardo Duhalde, Néstor Kirchner and Cristina Fernández de Kirchner have been elected from this party. Justicialists have been the largest party in the Congress covering nearly the entire period since 1987; the Justicialist Party is the largest party in the Congress. The Justicialist Party was founded in 1947 by Juan and Evita Perón, superseded the Labour Party on which Perón had been elected a year earlier. Following the enactment of women's right to vote in 1948, a Peronist Women's Party, led by the First Lady, was established. All Peronist entities were banned from elections after 1955, when the Revolución Libertadora overthrew Perón, civilian governments' attempt to lift Peronism's ban from legislative and local elections in 1962 and 1965 resulted in military coups. Basing itself on the policies espoused by Juan Perón as president of Argentina, the party's platform has from its inception centered around populism, its most consistent base of support has been the CGT, Argentina's largest trade union.
Perón ordered the mass nationalization of public services, strategic industries, the critical farm export sector, while enacting progressive labor laws and social reforms, accelerating public works investment. His tenure favored technical schools while harassing university staff, promoted urbanization as it raised taxes on the agrarian sector; these trends earned Peronism the loyalty of much of the working and lower classes, but helped alienate the upper and middle class sectors of society. Censorship and repression intensified, following his loss of support from the influential Catholic Church, Perón was deposed in a violent 1955 coup; the alignment of these groups as pro or anti-Peronist endured, though the policies of Peronism itself varied over the subsequent decades, as did those put forth by its many competing figures. During Perón's exile, it became a big tent party united solely by their support for the aging leader's return. A series of violent incidents, as well as Perón's negotiations with both the military regime and diverse political factions, helped lead to his return to Argentina in 1973, to his election.
An impasse followed in which the PJ had a place both for leftist armed organizations such as Montoneros, far-right factions such as José López Rega's Argentine Anti-Communist Alliance. Following Perón's death in 1974, this tenuous understanding disintegrated, a wave of political violence ensued resulting in a March 1976 coup; the Dirty War of the late 1970s, which cost hundreds of Peronists their lives, solidified the party's populist outlook following the failure of conservative Economy Minister José Alfredo Martínez de Hoz's free trade and deregulatory policies after 1980. In the first democratic elections after the end of the dictatorship of the National Reorganization Process, in 1983, the Justicialist Party lost to the Radical Civic Union. Six years it returned to power with Carlos Menem, during whose term the Constitution was reformed to allow for presidential reelection. Menem adopted neoliberal right-wing policies; the Justicialist Party was defeated by a coalition formed by the UCR and the centre-left FrePaSo in 1999, but regained political weight in the 2001 legislative elections, was left in charge of managing the selection of an interim president after the economic collapse of December 2001.
Justicialist Eduardo Duhalde, chosen by Congress, ruled during 2002 and part of 2003. The 2003 elections saw the constituency of the party split in three, as Carlos Menem, Néstor Kirchner and Adolfo Rodríguez Saá ran for the presidency leading different party coalitions. After Kirchner's victory, the party started to align behind his leadership, moving to the left; the Justicialist Party broke apart in the 2005 legislative elections when two factions ran for a Senate seat in Buenos Aires Province: Cristina Fernández de Kirchner and Hilda González de Duhalde. The campaign was vicious. Kirchner's side allied with other minor forces and presented itself as a heterodox, left-leaning Front for Victory, while Duhalde's side stuck to older Peronist tradition. González de Duhalde's defeat to her opponent marked, according to many political analysts, the end to Duhalde's dominance over the province, was followed by a steady defection of his supporters to the winner's side. Néstor Kirchner proposed the entry of the party into the Socialist International in February 2008.
His dominance of the party was undermined, however, by the 2008 Argentine government conflict with the agricultural sector, when a bill raising export taxes was introduced with presidential support. Subsequent growers' lockouts helped result in the defection of numerous Peronists from the FpV caucus, further losses during the 2009 mid-term elections resulted in the loss of the FpV absolute majorities in both houses of Congress; the Justicialist Party was, since its foundation, a Peronist catch-all party, which focuses on the figure of Juan Perón and his wife Eva. However, another wing of the party was well more than the left-
Néstor Carlos Kirchner Jr. was an Argentine politician who served as President of Argentina from 2003 to 2007 and as Governor of Santa Cruz from 1991 to 2003. Ideologically a Peronist and social democrat, he served as President of the Justicialist Party from 2008 to 2010, with his political approach being characterised as Kirchnerism. Born in Río Gallegos, Santa Cruz, Kirchner studied law at the National University of La Plata, he met and married Cristina Fernández at this time, returned with her to Río Gallegos at graduation, opened a law firm. Commentators have criticized him for a lack of legal activism during the Dirty War, an issue he would involve himself in as president. Kirchner ran for mayor of Río Gallegos in 1987 and for governor of Santa Cruz in 1991, he was reelected governor in 1999 due to an amendment of the provincial constitution. Kirchner sided with Buenos Aires provincial governor Eduardo Duhalde against President Carlos Menem. Although Duhalde lost the 1999 presidential election, he was appointed president by the Congress when previous presidents Fernando de la Rúa and Adolfo Rodríguez Saá resigned during the December 2001 riots.
Duhalde suggested that Kirchner run for president in 2003 in a bid to prevent Menem's return to the presidency. Menem won a plurality in the first round of the presidential election but, fearing that he would lose in the required runoff election, he resigned. Kirchner took office on 25 May 2003. Roberto Lavagna, credited with the economic recovery during Duhalde's presidency, was retained as minister of economy and continued his economic policies. Argentina repaid the International Monetary Fund; the National Institute of Statistics and Census intervened to underestimate growing inflation. Several Supreme Court judges resigned while fearing impeachment, new justices were appointed; the amnesty for crimes committed during the Dirty War in enforcing the full-stop and due-obedience laws and the presidential pardons were repealed and declared unconstitutional. This led to new trials for the military. Argentina increased its integration with other Latin American countries, discontinuing its automatic alignment with the United States dating to the 1990s.
The 2005 midterm elections were a victory for Kirchner, signaled the end of Duhalde's supremacy in Buenos Aires Province. Instead of seeking reelection, Kirchner stepped aside in 2007 in support of his wife, Cristina Fernández, elected president, he participated in the unsuccessful Operation Emmanuel to release FARC hostages, was narrowly defeated in the 2009 midterm election for deputy of Buenos Aires Province. Kirchner was appointed Secretary General of UNASUR in 2010, he and his wife were involved in the 2013 political scandal known as the Route of the K-Money. Kirchner died of cardiac arrest on 27 October 2010, received a state funeral. Kirchner was born Néstor Carlos Kirchner Jr. on 25 February 1950, in Río Gallegos, Santa Cruz, a federal territory at the time. His father, Néstor Carlos Kirchner Sr. met the Chilean María Juana Ostoić by telegraphy. They had three children: Néstor and María Cristina. Néstor was part of the third generation of Kirchners living in the city; as a result of pertussis, he developed strabismus at an early age.
When Kirchner was in high school he considered becoming a teacher, but poor diction hampered him. Kirchner moved to La Plata in 1969 to study law at the National University. During this period, the decline of the Argentine Revolution, the return of former president Juan Perón from exile, the election of Héctor Cámpora as president, his resignation and the election of Perón, the beginning of the Dirty War had led to severe political turmoil. Kirchner joined the University Federation for the National Revolution, a political student group whose relationship with the Montoneros guerrillas is a matter of debate. Kirchner was not a leader of the group, he was present at the Ezeiza massacre, in which right-wing Peronist snipers opened fire on a celebration of Juan Perón's return at the Ezeiza International Airport. He was present at the expulsion of Montoneros from Plaza de Mayo. Although Kirchner met many members of the Montoneros, he was not a member of the group. By the time the Montoneros were outlawed by Perón, he had left FURN.
In 1974 Kirchner met Cristina Fernández, three years his junior, they fell in love. They were married after a courtship limited to six months by the political turmoil in the country. At the civil ceremony, Kirchner's friends sang the Peronist song "Los Muchachos Peronistas", he graduated a year returned to Patagonia with Cristina, established a law firm with fellow attorney Domingo Ortiz de Zarate. Cristina joined the firm in 1979. By the time of Kirchner's graduation and move to the Patagonia, Juan Perón had died, his vice president and wife Isabel Martínez de Perón had become president. Isabel Perón had been unseated by a coup d'état; the Kirchners worked for banks and financial groups which filed foreclosures, since the Central Bank's 1050 ruling had raised mortgage loan interest rates. And acquired 21 real-estate lots for a low price when they were about to be auctioned, their law firm defended. Forced disappearances were common during the Dirty War, but unlike other lawyers of the time the Kirchners never signed a habeas corpus.
Julio César Strassera, prosecutor in the
José Juan Bautista Pampuro is an Argentine politician. He is a member of the Justicialist Party, was a Defense Minister and is a senator for Buenos Aires Province, he is second in line for the presidential succession. Pampuro was born in Buenos Aires in 1949, he earned a Medical Degree. He entered public service in 1983, when he was named Public Health Secretary to the Mayor of Lanús, Manuel Quindimil, he was elected to the Lower House of Congress on the populist Justicialist Party ticket in 1987, was named Minister of Health and Social Policy for Buenos Aires Province by newly elected Governor Eduardo Duhalde in 1991. He was named director of the Buenos Aires Provincial Office in 1993, remained in the post until being returned by voters to Congress in 1999. Eduardo Duhalde, appointed President of Argentina by Congress during a crisis in 2002, named Pampuro Chief of Staff, on May 25, 2003, he was retained in government by President Néstor Kirchner, who named Pampuro his first Defense Minister.
Pampuro was elected to the Senate on the Front for Victory slate alongside Cristina Fernández de Kirchner in the 2005 mid-term elections, in which the center-left Front for Victory did well. He was elected Provisional President of the Senate on February 22, 2006, putting him second in line to the presidency, twice as President of the Mercosur Parliament. Pampuro retired from the Senate in 2011 with the distinction of being the first man in Argentina to twice be succeeded by women who were first to hold their respective posts: as Defense Minister by Nilda Garré, as Provisional President of the Senate by Beatriz Rojkés de Alperovich
Gerardo Morales (politician)
Gerardo Rubén Morales is an Argentine politician, leader of the Radical Civic Union. He is a member of the Argentine Senate representing Jujuy Province, elected for the Front of Jujuy, he was a candidate for Vice President of Argentina on Roberto Lavagna's UNA ticket in the 2007 elections. Since 2015 he has been governor of Jujuy, the first non-Peronist elected to the post since the restoration of democracy. Morales was born in Jujuy Province, he worked on the Ferrocarril General Manuel Belgrano railway as a waiter at age 18, was promoted to the post of administrator. He enrolled at the National University of Jujuy. Morales was appointed Director of Liquidations at the Provincial Insurance Institute, he lectured and was politically active at university, teaching in Political Economy courses from 1985 to 1993. He married in 1985, had three children. In 1989 Morales was elected as a provincial deputy and in 1993 became leader of the UCR block in the legislature, he served as president of the Finance Committee in 1991 and 1992.
He was nominated for Vice Governor of Jujuy in a defeated 1991 UCR ticket, with the support of party leader Raúl Alfonsín, ran for Governor of Jujuy in 1995 and 1999, albeit unsuccessfully. He stepped down as a Jujuy Congressman in 2000 to join the national government of President Fernando de la Rúa as Secretary for Social Development. Morales was elected to the Argentine Senate in 2001 mid-term elections. After the election of Néstor Kirchner as President of Argentina in 2003, many leading Radicals publicly supported Kirchner's populist left-wing agenda; the group, known as Radicales K, included national legislators. The national president of the Radicals, Roberto Iglesias took a hard-line approach against Kirchner, opposing efforts to re-align UCR elected officials toward the popular Kirchner. Morales, who supported Iglesias' policy, was re-elected to the Senate in 2005. Iglesias led negotiations to find a suitable candidate for the UCR to back in the 2007 Presidential elections against Kirchner's wife and FpV nominee, Cristina Fernández de Kirchner.
Roberto Lavagna, a former minister under Kirchner who subsequently opposed his policies, appeared to be the favored candidate for the majority of the party. Iglesias resigned the presidency of the party in November 2006, due to differences with Lavagna, having reached the conclusion that an alliance with him would be a mistake, joined those who maintained that the party should look for its own candidate; the UCR National Committee appointed Morales as its new president in December 2006. Morales supported the party's Rosario convention, in which Alfonsín's call for an alliance with Lavagna was adopted into the party platform, he became Lavagna's running mate in the presidential election of October 2007, on a centrist electoral front known as "An Advanced Nation", placed third. Morales entered subsequently into a heated political dispute with Milagro Sala, the leader of the Indigenist Tupac Amaru Neighborhood Association, he was attacked in 2009, though without injury, by two youths tied to the association, filed charges against their leader.
Sala, who denied involvement, alleged. She responded with demands that Morales' estate be investigated, each exchanged accusations of corruption. Morales was elected leader of the UCR Caucus in the Senate in December 2009. Morales was elected governor in 2015. Expecting protests from Milagro Sala, he requested policial reinforcements to the national government, to prevent riots during the end of the year. 43 gendarmeries were sent to Jujuy, but died in a car accident at Rosario de la Frontera, in unclear circumstances. The Tupac Amaru organization denied the existence of violence in the province, started a permanent demonstration at the Jujuy plaza. Morales accused the organizations that compose the Tupac Amaru of keeping the social welfare money for themselves, distributing it only to their political supporters. To reduce their influence, he arranged that those payments should be done through bank accounts and not with cash, to keep track of the money. After a month, he urged the organizations to accept the terms and leave the plaza, or he would revoke their legal authorizations.
The Tupac Amaru was split by this, as most organizations accepted Morales' proposal, but Sala and a reduced faction rejected it. Milagro Sala was arrested a few days accused of calling to riots and civil disorder. Senate profile Official website