Thanks to its insistence on calling Ronald Reagan’s little Nicaraguan adventure a violation of international law, the International Court of Justice now has to ask the United States’ permission before accepting any lawsuits against it. Like, you know, from certain uniquely recalcitrant debtors who’d like to see a certain judge go away, or at least have his rulings declared a violation of international law.
Well, Barack Obama would just as soon have Argentina figure this thing out without the Hague getting involved. Maybe by talking to the hedge funds it owes money to, but more likely by having Mike Corbat and Jamie Dimon bail it out. Either way, the folks at the ICJ shouldn’t be holding their breath waiting for a green light from Washington.
“We do not view the ICJ as an appropriate venue for addressing Argentina’s debt issues, and we continue to urge Argentina to engage with its creditors to resolve remaining issues with bondholders,” a State Department spokeswoman said Friday.
This is very bad news for afficiandos of sub-$15 Malbecs.
Amid Argentina’s escalating inflation, labor costs were soaring, and he could no longer make a profit on the lowest-priced bottles selling at retail for $9 to $12. A national economic downturn that is battering everything from auto makers to the real-estate market hasn’t spared the niche industry in western Argentina….
“We were forced to stop supplying” wines in the lower price range, Mr. Ortega says. “When the situation clears up, we can go back to these projects.”