The transmission of this week informed consumer is interested in ways that the security holder can travel to Argentina after almost ten years after the declaration of moratorium on foreign debt by the Argentine State. The argument has already been discussed in this blog , but it is worth analyzing briefly return to this point, the solutions adopted by the bondholders Argentina in recent years.
As it is now known, 22 December 2001, despite repeated approaches by the International Monetary Fund, Argentina declared the moratorium and stop payment of its debts to investors.
Many small investors are in the space of a few days without the ability to not only be able to receive interest related to securities purchased but could not even sell the bonds.
Over the years we have developed several options for the bondholder to return the money invested in bonds Argentina incorrectly.
- I concambi proposti dal Governo Argentina
La prima strada percorsa dal risparmiatore italiano (e trentino) è stata quella di accettare le inique offerte di concambio proposte dall'Argentina, la quale già nel 2005 avanzava una proposta di scambio dei titoli.
Secondo i termini dell'offerta, il risparmiatore doveva rendere il titolo caduto in default (insolvenza) e acquistarne uno con scadenza oltre il 2030 per un valore pari al 30 – 35% di quello inizialmente acquistato.
A questa offerta, che ha trovato il riscontro di parte degli investitori private Italian, is followed on 30 April 2010, a second offer formalized by the Argentine government.
These offers, while they brought a great loss for investors, from the other point of view allowed them to obtain a closure of the whole affair Argentina.
According to Professor Science, the effective recovery of Argentina Bondholders would have been higher, as explained a few months ago on this very blog " understand what has actually been recovered is not immediate and may vary slightly from one title to . In the case of small savers in particular, need to add five items (See multiplication table), bringing to about € 54 per 100 of face value of the original. It's more than was expected when the offer because the titles are a total of Argentines rose. However, it is still less than those who, in spite of the many bad advice, they joined in 2005. They have been awarded € 6.7 additional payments due to the strange title Argentina GDP in 2035, with an overall recovery of around 61 € .. "
Here is the calculation proposed by Prof. Science
- The action brought against Argentina with TFA
The Task Force was established in Argentina in September 2002, when a group of banks, through the ABI, decides to introduce a subject that represents the interests of investors in front of the Argentine State.
The TFA is chaired by Nicola Stock, who now says confident of getting justice in favor of Italian investors through joint action against the Argentine government.
starts cofronti international arbitration in the Argentine State, which is suing to fronte al Tribunale arbitrale di New York (c.d. icsid).
A che punto siamo?
TFA ha di precente comunicato che il “ Tribunale arbitrale dell'icsid ha, in una recentissima e proceduralmente straordinaria lettera alle parti, assicurato di aver conseguito sostanziali progressi nella redazione della propria decisione sulla fase giurisdizionale, e che tale decisione con le proprie conclusioni, sarà emessa al più presto possibile ”.
Dal comunicato si intuisce che il Giudice deciderà, a breve (!?!), se il Tribunale arbitrale è competente a decidere la causa, oppure se non esiste la giurisdizione with reference to any other court.
In other words, in March 2011, the Court has not yet addressed the merits of the case, Argentina or if the securities could be sold to private and small investors if they can obtain justice against the Argentine State.
membership has not led to arbitration, then, no satisfaction in favor of investors.
- legal action against the intermediary bank
Here we recall the considerations already carried out some time ago, namely that the road taken by investors with regard legal action against banks found to date, following small but great satisfaction.
The legal actions taken by investors against financial intermediaries have grown with very positive results.
The Italian courts have identified serious responsibility on the part of banks, which have sold too lightly the titles Argentina to small investors who lack experience and knowledge in financial matters.
Savers who have taken the road of civil action against the bank seller have, in general, dissatisfied looking back not only the capital invested, but also the legal interest accruing from the date of investment.
This way, opposed by the banking system, has enabled the small investor can seek redress and has forced banks to adopt IT systems to the most appropriate service.
Beware of time limits of the right to contractual damages shall be extinguished in the past 10 years from the time when the damage occurs (the moratorium), for those who had not already done so, we recommend sending a letter of formal notice to interruption of limitation periods.
Beware of time limits of the right to contractual damages shall be extinguished in the past 10 years from the time when the damage occurs (the moratorium), for those who had not already done so, we recommend sending a letter of formal notice to interruption of limitation periods.
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