Thread: Argentina - Temporary Suspension for Reciprocal Fee for US

I like that idea! But... which country are you talking about? :P

Guessing Argentina, but I've also heard something about Brazil waiving their visa requirement for the Olympics, so maybe it's related to that?

Oh, silly me--yes, it's Argentina--I just forgot to tell you folks. Even tho the beef and wine should have been the clue and Chile has no fee now.. Brasil has crappy wine and beef and the Olympics has already been cleared for several months.

Hmm, wonder if I can get a refund for the visa I purchased for my last 2 visits? Def agree, awesome beef, wine and dulce de Leche!

Reason? Argentina just negotiated $9 Billion owed to the Feds because of their runaway spending. Now with the Peso down 30%, they are looking at increasing tourism. Payback time..

That's pretty funny--the article I read said Obama got the consideration during his "state" visit to Argentina. Pretty typical O move. Doesn't seem logical that Obama could possibly be thinking about getting money for the Fed? Never bothered him before...

Argentina and a group of American hedge funds may soon end a 15-year battle.

Negotiating through a mediator, Argentina offered to pay six hedge funds that own the country's debt a total of $6.5 billion of the $9 billion it owes.

The hedge funds are referred to as "vultures" in Latin America because they buy bonds extremely cheaply, sue the countries for full repayment and often make a big profit once they're paid.
Two firms, Montreux Partners and Dart Management, agreed in principal to the terms of the deal Friday, according to the Argentine finance ministry. The firms could not be immediately reached for comment.
The primary hedge fund in the case is NML Capital, led by billionaire Paul Singer. It's believed that Singer wants 100% of the money his firm is owed. Argentina offered to pay roughly 72% of what it owes.
Negotiations began Monday and the offer was praised by the mediator, Daniel Pollack of New York law firm McCarter & English.
"The proposal by Argentina is an historic breakthrough," Pollack said in a statement Friday night. "The events of this week and today were an important step in resolving Argentina's debt crisis."
Pollack said that he'd spoken to Argentine president Mauricio Macri about the deal Friday.