Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
ChatGPT | With inflation soaring argentina will start printing 10,000 peso note (08.05.24)
"The new denomination note—five times the value of the previous biggest bill—is expected to hit the streets next month [JUNE] in a bid to 'facilitate transactions between users,' the central bank said. The 10,000 peso note is worth USD 11 at the country's official exchange rate and USD 9 at the ["blue peso"] market exchange rate."
Milei puts on a show musical at Luna Park as he launches new book (23.05.24)
"I wanted to do this because I wanted to sing," he said before singing along with an amateur band on a single song: his warped version of 'Panic Show' by Argentine rock trio La Renga. After his performance, the economist gave a lengthy economics lecture based on his 13th book Capitalismo, socialismo y la trampa neoclásica ("Capitalism, Socialism and the Neoclassical Trap"). Milei gave a lesson in liberal economics stretching from ancient Egypt to the fall of the Berlin Wall. In his speech, the President railed against socialism, defended monopolies, denied the existence of market failure and said that abortion was a "mechanism to massacre populations.
Read the book! La presentación del libro, A/V (ES) 02:54:28
archive May 2024 MICmarket penetration, April Bidenecómicas!
by Cat on Sun Jun 2nd, 2024 at 03:43:51 PM EST
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londonstockexchange | CLEANSING ANNOUNCEMENT, 17 June
Kyiv, Ukraine: The Government of Ukraine ("Ukraine") announces today that over a twelve-day period from 3 to 14 June 2024, representatives of Ukraine held meetings with members of the ad hoc creditor committee (the "Ad Hoc Creditor Committee") comprised of a number of major institutional asset managers and other long-term investors in Ukraine representing around 20% of the outstanding amount of Ukraine's Eurobonds, as well as with certain other holders of Eurobonds ("Investors") on a bilateral basis. Ukraine entered into the consultation period with the Ad Hoc Creditor Committee and the Investors to discuss, under non-disclosure agreements, the potential terms of a restructuring of Ukraine's thirteen series of outstanding Eurobonds (the "Eurobonds") listed in Annex
As detailed in Annex B, Ukraine's proposal (the "Sovereign Proposal") consisted of the exchange of the Eurobonds for either (i) a package of fixed income instruments (the "Vanilla Bonds") and state-contingent instruments (the "SCDIs") ("Option 1") or (ii) a package of Vanilla Bonds ("Option 2"). In relation to Option 1, the SCDIs would be converted into Vanilla Bonds based on a single test in 2027 with a face value dependent upon Ukraine's performance on tax revenues, subject to meeting conditions around real GDP levels projected in the IMF's baseline scenario. As such, if the revenue test and GDP target is met, the SCDIs would be replaced by fixed-income instruments of Ukraine whose cash flows would be certain. Both options have been designed to deliver holders cash flows during the IMF program period and provide for a nominal haircut ranging between 25 and 60% depending on the country's recovery over the IMF program period. The Sovereign Proposal also incorporated certain legal terms, including a "loss reinstatement" provision and a "most-favoured creditor" clause....
reuters | Ukraine's international bond rework derailed with little time left, 17 June
Ukraine has not been able to reach an agreement with a group of bondholders over restructuring some $20 billion of international debt during formal talks, it said on Monday, raising the spectre that the war-torn country might slip into default. An agreement with holders of international bonds that allowed Ukraine to suspend payments after Russia's invasion of the country in 2022 ends in August....Bondholders said the government's proposal had demanded a write down that was "significantly in excess of market expectation" which was consistent with a 20% "haircut".
alarabiya reuters | Ukraine's Marchenko says
"Strong armies must be underpinned by strong economies to win wars," he said, adding the country's economy was a "fragile balance" that hinged on consistent and substantial support from its partners. "Timely debt restructuring is a critical part of this support."
by Cat on Tue Jun 18th, 2024 at 05:55:59 PM EST
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tabloid Today EV startup Fisker files for bankruptcy, aims to sell assets, 18 June IRA tax credit and rebate Reduction Act
...Fisker went public in late 2020 in a merger with a blank-check firm, valuing it at $2.9 billion and infusing its balance sheet with more than $1 billion in cash.

The listing was a second chance for its Danish CEO [Henrik Fisker, former consultant at TSLA] and founder to build an auto business after his first venture, Fisker Automotive, filed for bankruptcy in 2013, falling victim to the 2008 financial crisis and a battery failure in the Karma hybrid sedan that had led to a substantial recall....

archive most favored EV, PHEV models May
by Cat on Tue Jun 18th, 2024 at 06:03:06 PM EST
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venezuelanalysis | Venezuela Edges Closer to Losing CITGO as Corporations Submit Binding Offers, 17 June
A total of 18 creditors are looking to collect a $21.3 billion combined debt, with a final sale decision expected in mid-July.
According to Reuters, at least five groups of investors put forward proposals. Sources disclosed that Wall Street banks JPMorgan, Morgan Stanley, and investment groups Rothschild & Co, and Elliott Investment Management, secured financing for auction bids.
Rusoro Mining, another Canadian company presented a non-binding offer in the previous round in January but did not disclose whether it submitted a second-round bid. It is owed $1.6 billion. Other rumored interested parties include hedge fund Elliott Investment and Centerview Partners. The latter has reportedly tried to join forces with ConocoPhillips. The US oil giant is looking to enforce two arbitration awards worth $1.3 and $10.2 billion, respectively. It did not state publicly whether it had submitted a bid.
The present CITGO board might lobby the court to open a third round of bidding if offers remain far from the company's $11-13 billion valuation. The highest amount put forward in the first round was just $7.3 billion. CITGO's board was appointed by the since-defunct Venezuelan self-proclaimed "interim government" headed by Juan Guaidó with US support.
reuters | Financial alliances build as Citgo share auction enters last mile, 17 June
by Cat on Wed Jun 19th, 2024 at 09:09:35 PM EST
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Venezuela's Dual Power In Its Last Year?

The AN 2015's term was due to end in January 2021, and had been formally dissolved by President Maduro in 2017. However, it survived in exile with support from the U.S. government and allies.

The decision meeting took place on December 15th virtually, as most lawmakers are based in the U.S., Colombia, and Spain. Many of them are also substitutes, as some withdrew when their formal term ended in 2021 and for other reasons.

A failed regime change plan

In January 2019, a lawmaker from the AN 2015, Juan Guaidó, proclaimed himself as the interim president of the country. The argument was that the elections in 2018, where President Maduro was re-elected for a second term, were fraudulent. Guaidó was swiftly recognized by the U.S. and allied administrations.

Decision makers then in the Trump administration believed that they could trigger an uprising or military coup in Venezuela, by using a tough sanctions regime, diplomatic isolation, and the threat of invasion.

The European Union was a compliant commodity for the US capital vultures. UN Charter guarantees sovereignty of nations and non-intervention. American Century Pax and the NWO. The Replacement Theory of Colour Revolutions, a promising new era of fascism driven by Big Tech and today's AI.

U.S. Republican administration of George Bush and electronic voting systems [manipulation] sold to Venezuela ... after the successful  intervention in Palm Beach County butterfly ballots (John Bolton) to get GWB elected in the first place. American jewels of democracy expanded.

Behind-the scenes look at the political battle of battles: Bush v. Gore in 2000

'Sapere aude'

by Oui (Oui) on Thu Jun 20th, 2024 at 07:02:52 AM EST
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Supreme Court will review Holocaust survivors' lawsuit against Hungary, 24 June
ECJ impunity that keeps on giving
In 2010, a group of Hungarian Holocaust survivors and their heirs brought a class-action suit against Hungary and its national railway, seeking compensation for their stolen property.
The district court dismissed the suit, holding that FSIA's treaty exception grants the Hungarian defendants immunity, that the 1947 Peace Treaty between the Allied Powers and Hungary set forth an exclusive mechanism for Hungarian Holocaust victims to obtain recovery for their property losses and that permitting the plaintiffs' lawsuit to proceed under FSIA would conflict with the peace treaty's terms. The U.S. Court of Appeals for the D.C. Circuit affirmed the dismissal as to the non-property claims and reversed as to the property-based claims.
The parties in the 14 years since have battled over whether American courts have jurisdiction to hear the case.
scotusblog | Republic of Hungary v Simon "expropriation exception" docket
[The Questions] before the Supreme Court is the exception's requirement that the property have a "commercial nexus" with the United States [eNTiTIeS?].
Petitioners Republic of Hungary, et al. ("Hungary") contend that federal courts can decline jurisdiction in this case because the FSIA does not destroy the federal court's discretion to exercise international-comity-based abstention. Hungary explains that comity-based-abstention allows U.S. courts to avoid "judicial interference in the conduct of foreign policy." Such abstention, Hungary continues, gives another, more appropriate sovereign the first opportunity to address a dispute relating to that sovereign.
The survivors claim Hungary co-mmingled the [sale] proceeds of their stolen property with other ["]funds["], and some of the proceeds are [80 years later] present in the United States in connection with Hungary's [eNTiTIeS?] commercial activity.
by Cat on Mon Jun 24th, 2024 at 04:49:38 PM EST
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japantimes.co.jp | U.S. adds Japan to currency watchlist, 21 June
but stopped short of labeling it or any other trade partner as a currency manipulator.

While pointing out that Japan intervened to support the yen earlier this year, the Treasury took aim, instead, at Tokyo's large bilateral trade and current account surpluses.

"Treasury's expectation is that in large, freely traded exchange markets, intervention should be reserved only for very exceptional circumstances with appropriate prior consultations," the department said Thursday in its semiannual foreign-exchanges report. "Japan is transparent with respect to foreign exchange operations."

The other countries on the monitoring list were unchanged from the previous report in November: China, Germany, Malaysia, Singapore, Taiwan, and Viet Nam.

U.S. interest rates at the highest in more than 20 years have kept the value of the dollar elevated against most other currencies. That, in turn, has put severe strain on major importers of dollar-priced commodities such as oil, as well as on those countries bearing dollar-denominated debt.

by Cat on Sat Jun 22nd, 2024 at 01:51:22 PM EST
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