Tag Archives: Argentina

Supermassive Dinosaur Fossils Found In Argentina

This artist’s impression by the Carnegie Museum of Natural History shows what the Dreadnoughtus schrani would have looked like after palaeontologists found its remains in Argentina

A supermassive dinosaur that would have weighed as much as 60 small cars has been found in Argentina, where it likely perished in a bog some 77 million years ago, palaeontologists said Thursday.

Dubbed Dreadnoughtus (from “fear nothing” in old English), the long-necked lizard would have measured 26 metres (85 feet) from nose to tail and weighed some 60 tonnes — about as much as seven Tyrannosaurus rex put together.

Continue reading Supermassive Dinosaur Fossils Found In Argentina

Lionel Messi signs new Barcelona deal to run until 2021

ā€¢Ā BarƧa include Ā£626m buy-out clause in Argentinianā€™s new contract
ā€¢Ā Deal would appear to scupper Manchester City hopes of landing Messi

Lionel MessiĀ has signed a new deal with Barcelona through to the summer of 2021.

A renewal was agreed between player and club in July but it is only now that Messi has put pen to paper on the contract.

Continue reading Lionel Messi signs new Barcelona deal to run until 2021

After Edgardo Bauza’s sacking, Argentina face tough World Cup test

Argentina sacked manager Edgardo Bauza on Monday after just eight games and with the national team outside of CONMEBOL’s automatic 2018 World Cup qualification spots.

Currently fifth in the South American table through 14 rounds and with four games remaining, FiveThirtyEight’s Soccer Power Index (SPI) still gives Argentina, one point behind both Uruguay and Chile, an 84 percent chance to qualify for the competition.

Continue reading After Edgardo Bauza’s sacking, Argentina face tough World Cup test

Sunken British warship with Ā£1 BILLION in gold to be raised from the ocean 250 years after battle

A sunken British warship wrecked off the coast of South America is due to see the light of day once again ā€“ along with Ā£1billion in gold coins .

The Lord Clive was blasted by cannon fire in 1763 after an attempt to reclaim Uruguayā€™s Colonia del Sacramento, a former British colony which had been seized by the Spanish.

Continue reading Sunken British warship with Ā£1 BILLION in gold to be raised from the ocean 250 years after battle

Top Gear Team Driven Out Of Argentina

Top Gear

The stars abandon their cars at the roadside and are pelted with stones by people accusing them of joking about the Falklands War.

The BBC has dismissed accusations that Top Gear deliberately chose a car with a number plate appearing to refer to the Falklands War to cause controversy while filming in Argentina.

The programme’s cast and crew are flying out of the country after facing protests from politicians and army veterans.

Jeremy Clarkson, James May and Richard Hammond were reportedly among those who had to abandon their cars at the roadside and flee after being pelted with stones by an angry crowd.

The team used a Porsche with the registration number H982 FKL, which some people suggested could be seen to refer to the conflict which took place in 1982.

A group of war veterans protested outside their hotel and one local politician said they were escorted to the airport.

Juan Manuel Romano, secretary of social development for Ushuaia in southern Tierra del Fuego province, said: “They have taken the decision to leave.”

The BBC confirmed they were leaving the country, although show bosses have said the number plate was merely a coincidence.

The programme has already run into problems this year, with one episode found to be in breach of Ofcom’s broadcasting code for the use of a racially offensive term during a two-part special filmed in Burma, following a complaint from a couple of viewers.

And Clarkson apologised after unbroadcast footage emerged in which he appeared to use the N-word, although he denied actually saying it.

The team from the show are in South America filming a special on a remote highway passing through Chile and Argentina.

Executive producer Andy Wilman said: “Top Gear production purchased three cars for a forthcoming programme; to suggest that this car was either chosen for its number plate, or that an alternative number plate was substituted for the original is completely untrue.”

A Former Mossad Agent Just Revealed The Last Words Of Nazi War Criminal Adolf Eichmann

Adolph Eichmann on trial holocaust nazis wwII

The last words of Nazi war criminal Adolf Eichmann before he was hanged by Israel for war crimes, crimes against humanity, and crimes against the Jewish people, were “I hope that all of you will follow me,” the Israeli intelligence officer who accompanied him to the gallows said.

Rafi Eitan, who hadĀ commanded the operation to capture Eichmann in Argentina in 1960, told an Israeli TV documentary broadcast on Monday night that he was standing behind Eichmann at the gallows, at Ramle jail in 1962. “IĀ accompanied him to the hanging. I saw him from the back. I did not speak with him at that moment,” Eitan said.

Did Eichmann say anything? the interviewer asked. “What he said was, ‘I hope that all of you will followĀ me,'” Eitan said.

That was what he mumbled before he was hanged? the interviewer asked. “Correct,” Eitan said.

Eichmann’s last words haveĀ generally been reported as having been: “Long live Germany. Long live Argentina. Long live Austria. These are the three countries with which I have been most connected and which I will not forget. I greet my wife, my family, and my friends. I am ready. We’ll meet again soon, as is the fate of all men. I die believing in God.”

Eitan, speaking on the Uvda investigative news program on Israel’s Channel 2, described the taskĀ of capturing Eichmann in Argentina, operationally speaking, asĀ “one of the easiest missions we did.”

He described the physical maneuver performed on Eichmann to twist him quickly into the back seat of the car in which he was taken to a Mossad safe house after being captured in Buenos Aires, and recalled the Nazi’s head resting on his knees in the silent car.

In the safe house, they stripped him naked, blinded his eyes, and checked to make sure he was not carrying poison on his body or in his mouth.

The Shin Bet interrogations officer assigned to the team, Zvi Aharoni, asked EichmannĀ once for his name, Eitan recalled, and was told Otto Henninger. He asked a second time and was told Ricardo Klement.

The native German speaker then asked Eichmann for his SS number and was given the precise ID number. Then, Eitan said, Aharoni asked for his name again and he said, Adolf Eichmann. “Immediately afterward he says, ‘May I have a glass of red wine,'” Eitan recalled.

Charged with washing and feeding Eichmann, Eitan said he found himself curious about the man’s capabilities and whether he was superior to him. “I found that I was his better,” Eitan said, noting that EichmannĀ was loyal to his new masters, adhering to all of the Israelis’ orders. “That would not have happened to me. If I was in his situation, that would not have happened to me.”

Rafi EitanYonathan Weitzman/REUTERSIsraeli Pensioners Party leader Rafi Eitan, 79, at a gathering of new parliament members at the Knesset in Jerusalem on April 6, 2006.

The TV program provided a look into the interior world of Eitan, formerly one of Israel’s top spy masters ā€” an unrepentant man who deemed regret a “non-practical word” for which he, even at age 88, has no use.

Eitan, in a blue dress shirt and black Adidas sneakers, spoke of the first time he was asked to take a life for his country, in the mid-1940s. His officer chose him and another man to lay an ambush for the German ā€“ often pro-Nazi ā€“ Templers, who remained in pre-state Israel and to kill some of them to deter their co-coreligionists from returning to Palestine after the Second World War.

Eitan, then 19, found the appropriate spot, stopped the carriage near the Jezreel Valley town of Alonei Abba, and quickly and randomly shot two men.

He said he remembered their faces well but neither now nor then felt any need to learn their names. “We did not feel any feeling of guilt,” he said. “On the contrary, we felt we were doing our duty as sons of the Jewish People.”

EitanĀ also revealed that heĀ turned his back on US spy-for-Israel Jonathan Pollard, giving the order to bar Pollard from the Israeli Embassy in Washington, D.C., in 1985 as Pollard attempted to enter and gain asylum.

For all intents and purposes, he further divulged that former Prime Minister Shimon Peres and defense minister Yitzhak Rabin were well aware of the fact that Israel was running an agent within the US armed forces.

Asked whether the two Israeli leadersĀ were aware of the spy’s actions prior to his capture, he said, after some deliberation, “of course.”

Pollard, a civilian intelligence analyst for the US Navy, passed reams of classified material to Israel from the summer of 1984 until November 1985. He has been serving a life sentence in US federal prison since 1987 and will be eligible for parole in November 2015.

Described by his wife Miriam as “destructively emotionally detached,” Eitan said in the TV interview that he felt no regret at the way the Pollard affair played out. Although it was he who gave the order “to throw him out” of the Israeli embassy on Nov. 21, 1985, he said that he made his decision “in accordance with the interests of the state of Israel” and that anyone “who is in a role such as mine and decides otherwise, is mistaken.”

pollardWikimedia CommonsJonathan Pollard in a photo dated April 10, 2011.

He further alleged that Pollard had an escape plan that he failed to execute ā€” a suspect claim, because the American US Navy analyst was under tight surveillance ā€” and that “the moment he decided to come to the embassy as he decided to come, he decided on his own that he was going to prison.”

That night he went to Peres and Rabin and told them that Pollard had been arrested.

Pressed to express regret or to admit to a guilty conscience, Eitan told the interviewer Ben Shani, “look for that on other people. I’m built differently.”

Pollard was recruited by an up-and-coming Israel Air Force officer, Col. Aviem Sella, and run by Eitan.

HeĀ described the crucial moment whenĀ he learned that Pollard had fled to the embassy, bringing his FBI tail to the gate.

A call from the embassy’s encoded phone explained the predicament to Eitan. “What do you say to yourself then?” the interviewer asked Eitan.

“I don’t say anything [to myself],” he recalled. “I said right away: throw him out.”

According to the documentary, Eitan knew about Pollardā€™s impending arrest three days before it occurred, and informed the prime minister and defense minister that Pollard would soon be detained.

Peres, a 2012 recipient of the Medal of Freedom, the US’ highest civic award, is portrayed in Michael Bar-Zohar’s authorized biography as being “stricken by shock” upon Pollard’s capture, leaving the reader uncertain as toĀ whether the cause for surprise was the capture or the espionage.

Visibly bemused, Eitan recalled in the TV interview: “I said in advance, I take all of the responsibility on me. I gave the order. Only I gave the order. No one authorized me.”

That arrangement, he added, “solved the problem for the people of Israel.”

Fearing Russia may be arming Argentina, Britain beefs up Falkland Islands defences

A 2013 referendum found that 99.8% of Falkland Island residents want to remain a British territory.

Argentinaā€™s cabinet chief says Britainā€™s Ā£180m plan to bolster the Falklandsā€™ defences over 10 years is ā€˜cheap nationalismā€™ before the 7 May general election

Argentina has branded Britainā€™s plans to beef up defences in the Falklands a provocation and a pre-election stunt .

The British defence secretary, Michael Fallon, said on Tuesday that the UK would spend Ā£180m over 10 years to counter ā€œcontinuous intimidationā€ from Argentina. The two countries went to war over the islands in 1982.

Daniel Garcia/AFP/Getty Images

ā€œThis business from Great Britain is a provocation, not just to Argentina but also to the United Nations,ā€ Argentinaā€™s foreign minister, Hector Timerman, said on Wednesday.

The UNā€™s decolonisation committee adopted a resolution last year calling on Britain to negotiate with Argentina on the islandsā€™ status, as Buenos Aires has long demanded.

Britain argues the islanders should decide for themselves which country they want to belong to. In a 2013 referendum, 99.8% voted to remain a British overseas territory.

Timerman said the British defence initiative made ā€œno senseā€. ā€œWe are committed to dialogue and international law,ā€ he told Radio del Plata.

Timerman said Argentina would file a formal complaint with the decolonisation committee, saying Britain was ā€œexpressly violating UN regulations on not altering the situation when there is a state of controversy regarding a territoryā€™s sovereigntyā€.

President Cristina FernĆ”ndez de Kirchnerā€™s cabinet chief, AnĆ­bal FernĆ”ndez, said the plan was less about Argentinian threats and more about the campaign for Britainā€™s general election on 7 May.

BCRA/AFP/Getty Images

ā€œTheyā€™re facing elections, so they resort to cheap nationalism to put all of British society on tenterhooks over a military matter,ā€ he told a press conference.

Argentina invaded the Falklands, which it calls the Malvinas, in April 1982, sparking a war that it lost in just over two months.

The conflict claimed the lives of 649 Argentinian soldiers, 255 Britons and three islanders.

Peter Macdiarmid/Getty Images

Helicopter Crash in Argentina: Video of the Accident

Footage shot by the Argentine news channel Canal 9 Televida and taken over by the local news website El Sol Online show when two helicopters collided on the set of the show “Dropped” in Argentina on Monday March 9th. The ten people on board died, the swimmer Camille Muffat, Alexis Vastine boxer and sailor Florence Arthaud.

7 Of The Most Romantic Places In The World

Romantic getaways often mean candlelit dinners, long walks on the beach, and pampering accommodations.

But some destinations boast their own romanticĀ je ne sais quoi;Ā in places like Paris, Bali, and San Sebastian, there’s just something in the air.Ā From the cherry blossom-lined streets of KyotoĀ to sensual tango dancing in Buenos Aires, these are our picks for the world’s most romantic getaways.

1. Bali, Indonesia

Bali Indonesia

Bali is not just a pretty face: While the islandā€™s picturesque scenery attracts visitors from around the world, its unique culture and tradition keeps them coming back for more.

Watch the sunset over clear blue water inĀ Sanur, a popular beach destination. An iconic attraction,Ā Tanah Lot, is a 15th-century temple that juts out of the ocean on a small rock formation. Donā€™t miss the five waterfalls between Bedugul and Singaraja:Ā GitgitĀ is the farthest down the mountain, and visitors can climb 150 steps to take in stunning cascading falls.

Insider Tip:Ā To escape the crowds at Baliā€™s southern beaches, visitĀ Echo BeachĀ in Seminyak. The secluded stretch of sand is located below a series of outcrops, and often features a hazy, dream-like mist.

2. Brugge, BelgiumBrugge Belgium

FairytaleĀ BruggeĀ will enchant visitors. The cityā€™s open squares, quaint houses, and cobblestone streets create a romantic atmosphere, and couples can take boat rides through picturesque canals.

Climb theĀ Belfortā€™s 366 winding steps for bird’s-eye views of the city. Take a ride in a horse-drawn carriage ride toĀ Beguinage, a sprawling monastery with bridges and swan-filled ponds.

For canal-side accommodations and upscale amenities, book a room at the Fodor’s Choice hotelĀ De TuileriĆ«en. The property features charming guest rooms and parlors, and turn down service includes complimentary Belgian chocolates.

Insider Tip:Ā Splurge on a meal atĀ De Karmeliet. Located in an 18th-century house, the formal restaurant features a topiary-filled garden forĀ al frescoĀ dining.

3. Buenos Aires, Argentina

Buenos Aires

It’s easy to get swept away byĀ Buenos Airesā€™Ā colorful nightlife and diverse culture. Sit back inĀ Teatro ColĆ³nā€™s red velvet seats and take in an opera or ballet.

TheĀ PalermoĀ neighborhood boasts some of the cityā€™s finest restaurants and boutiques, and it offers acres of parks perfect for picnicking or long walks. Dance the night away atĀ Rojo Tango, a popular club that features five-star food, cabaret performances, and glamorous velvet-lined interiors.

Insider Tip:Ā Seasons in Buenos Aires are opposite from the US: An Argentinian winter is a North American summer. Visit during spring (September toĀ December) for blooming flowers, mild temperatures, and fewer crowds.

4. Charleston, South Carolina

Charleston south carolina

Charlestonā€™s pristine gardens, historic ambiance, and laid-back Southern charm make it an ideal romantic getaway. Stroll through magnolia-lined streets in the cityā€™sĀ South of BroadĀ neighborhood, which features sprawling mansions and verdant parks.

TheĀ Mount Pleasant Memorial Waterfront ParkĀ offers picture-perfect scenery, complete with waterfalls and views of the Charleston Harbor. Take a drive toĀ Boone Hall Plantation and Gardens,Ā and explore the propertyā€™s heirloom rose garden and butterfly pavilion.

Insider Tip:Ā Located in the French quarter, the Fodor’s Choice restaurantĀ TristanĀ boasts fresh-caught seafood, artisanal pasta dishes, and sleek, contemporary decor.

5. Cinque Terre in the Italian Riviera

Italian Riviera

The rocky shores of theĀ Italian RivieraĀ belong in the pages of a romance novel. Visitors can explore quaint harbor villages, hike up stunning trails, or stroll through beachfront promenades.

Climb theĀ Cinque TerreĀ trails to explore vineyards and villages, and lookout over the sea. The world-famousĀ Giardini Botanici HanburyĀ features one of the largest gardens in ItalyĀ and offers panoramic views of the water.Ā Spend the day touringĀ Portofino, a lush seaside village with cliff side gardens and plenty of people watching.

Insider Tip:Ā The Italian Riviera is divided into two regions: the more rustic Riviera di Levante to the east, and the resort-oriented Riviera di Ponente to the west. Riviera di Ponente is your best bet for nightlife and beaches. But for breathtaking views of the Ligurgian and a more secluded ambiance, nothing beats the Riviera di Levante.

6. Fez, Morocco

Fez Morocco

Stepping through the gates intoĀ FezĀ feels like entering a time machine: The cityā€™s medieval streets, covered markets, and historic sites will heighten your senses,Ā and take you back to a different era.

VisitĀ Heri el SouaniĀ to tour granaries designed by an ancient king. Pass through Medina Square in nearby MeknĆØs to viewĀ Bab Mansour, an elaborate marble gate with engraved tiled panels.Ā House of VenusĀ in Volubilis houses the cityā€™s finest set of mosaics, and provides easy access to the site of the Temple of Saturn.

Insider Tip:Ā Although Fez is best known for its ancient architecture and historical sites, the surrounding region is also home to ski slopes. Book a room at theĀ Michlifen Ifrane Suites and SpaĀ for luxurious amenities and picturesque mountain views.

7. Greek Isles in the Cyclades

Mykonos Cyclades

It doesnā€™t get much better thanĀ The Cyclades, or Greek Isles, a destination on theĀ 2014 Go List. The islandsā€™ shimmering turquoise-blue waters are an attraction in their own right, and rustic mountains, bright sun, and delicious food attract honeymooners and seasoned travelers alike.

The most famous of the islands,Ā Santorini,Ā boasts breathtaking sunsets and dramatic white stone cliffs.Ā Naxos, the largest of the isles, features long, sandy beaches, and stunning green valleys and ravines. Hike toĀ Panayia PoulĆ”ti, a whitewashed, blue-domed structure and bell tower set atop a sparkling bay.

Insider Tip:Ā If youā€™re planning on visiting the Isles, consider booking a room in the spring or fall. Summer months mean more tourists and overcrowded beaches, while winter brings shuttered businesses and stormy weather.

Pope’s relatives die in road accident

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The wife and two children of Pope Francis’s nephew have been killed in a car crash in Argentina, officials say.

His nephew, Emanuel Bergoglio, was badly hurt in the accident in the Cordoba area, north-east of the capital, Buenos Aires.

The Pope was “profoundly saddened” by the news, his spokesman Francesco Lombardi said.

Before becoming Pope Francis, Jorge Mario Bergoglio was cardinal of Buenos Aires.

His nephew’s family was reportedly returning home from a break when their car collided with a lorry at James Craik, some 580km (360 miles) north-east of Buenos Aires shortly before midnight.

His wife Valeria Carmona, 39, and their two children Jose, 2, and eight-month-old Antonio were all killed, reports said.

The Papal spokesman said he asked “all who share in his grief to unite with him in prayer”.

Pope Francis says he expects to live two or three more years, and may retire

77-year-old says he may ‘soon be off to the Father’s house’ and would retire if he could no longer perform his duties

Pope Francis has publicly broached the prospect of his own death for the first time, light-heartedly giving himself “two or three years” but not ruling out retirement before then.

Talking to reporters on a flight back to the Vatican from South Korea, the 77-year-old pontiff, who seemed in good spirits, was asked about his global popularity, which was evident again during his five-day visit.

“I see it as the generosity of the people of God. I try to think of my sins, my mistakes, not to become proud. Because I know it will last only a short time. Two or three years and then I’ll be off to the Father’s house,” he replied.

The Argentinian pope said he could handle the popularity “more naturally” these days, though at first it had “scared me a little”.

While the pope has not spoken publicly before about when he might meet his maker, a Vatican source said he had previously told those close to him that he thought he only had a few years left.

Pope Francis also mentioned the possibility of retiring from the papacy, as his predecessor Benedict XVI did last year, if he felt he could no longer adequately perform his duties.

Resigning the papacy was a possibility “even if it does not appeal to some theologians”, he told reporters.

He added that 60 years ago it was practically unheard of for Catholic bishops to retire, but nowadays it was common. “Benedict XVI opened a door,” he said.

Francis admitted he had “some nerve problems”, which required treatment. “Must treat them well, these nerves, give them mate [an Argentinian stimulant tea] every day,” he joked.

“One of these neuroses is that I’m too much of a homebody,” he added, recalling that the last time he had taken a holiday outside his native Argentina was “with the Jesuit community in 1975”.

ARGENTINA DEFAULTS

cristina fernandez de kirchner

Argentina has defaulted.

Argentine Finance Minister Axel Kicillof delivered the news to the world from Argentina’s consulate in New York City on Wednesday.

Kicillof had just finished a meeting in which he and a delegation from The Republic failed to satisfy the demands of a group of hedge fund creditors negotiating over $1.3 billion worth of debt owed to them for over a decade.

“The Argentine Republic has filed for a stay [on payment] with Judge Griesa… The Judge decided that if the vulture funds said there could be a stay there would be a stay,” said Kicillof. “The vulture funds were not willing to grant the stay.”

Without the stay and without payment, Argentina is in default.

“Notwithstanding any claim to the contrary, Default is not a mere “technical” condition, but rather a real and painful event that will hurt real people: these include all ordinary Argentine citizens, the exchange bondholders (who will not receive their interest ) and the holdouts ( who will not receive payment of the judgments they obtained in Court),” said Daniel Pollack the Court’s appointed mediator.

Pollack also said he would continue to make himself available for more discussions.

In Argentina’s defense, Kicillof repeated the same argument that the administration has been making for months ā€” that paying the “vultures” would be a violation of Argentine law. That’s because there is a clause in The Republic’s bond agreements called the RUFO ā€” Rights Upon Future Offering ā€” clause. It expires in 2015.

According to RUFO, if Argentina negotiates better terms with some bondholders, all bondholders have a claim on those terms. That would open the country to up to $15 billion worth of payments. Earlier this month, the Court didn’t buy that, and refused Argentina’s request for a stay on payment until negotiations could be worked out (ideally with a payment to NML due in 2015).

axel kicillof

Argentine Economy Minister, Axel Kicillof

“This was a situation of extortion,” said Kicillof. “We will not just sign anything that could lead to more external debt for Argentina… We will avoid it with all of our weapons.”

The “vulture funds” are investors known collectively as NML Capital and led by hedge fund billionaire Paul Singer. They would not take haircuts on debt dating back to Argentina’s last default in 2001 like over 90% of their fellow bond holders.

To Argentina that refusal made them vultures, and you don’t pay vultures. Instead you sue them all the way up to the Supreme Court and lose.

What’s off about all this is that the $15 billion from RUFO is chump change compared to what the country might have to pay if it goes into default. Default opens the country up to “acceleration clause” claims ā€” in which bondholders sue for all their money at once, and immediately ā€” worth $29 billion. That’s everything in Argentina’s Central Bank.

Earlier today, Argentine bankers put together a last ditch rescue package. They offered to put down $250 million as collateral ā€” a show of good faith that the country was willing to pay (and avoid triggering RUFO) in 2015. Another option would have been for banks to buy NML’s debt, and then request a stay on payment themselves.

But for any of that to happen there would have had to be a stay on payment, and hedge funds would not allow that to happen.

Indeed, even before Kicillof said a word Standard & Poors cut the country’s rating to “selective default” ā€” meaning Argentina chose to renege on some of its payments, but not all of them.

“We are… lowering our long-and short-term foreign currency sovereign credit ratings on Argentina to selective default (‘SD’) from ‘CCC-/C’,” said the agency’s release, “indicating that Argentina defaulted on some of its foreign currency obligations. At the same time, we are removing the ‘CCC-/C’ foreign currency ratings from CreditWatch, where they were placed with negative implications on July 1, 2014.”

In his address, Kicillof said that he would not be surprised if NML held sway over rating agencies, and would try to use its power to make things very uncomfortable Argentina.

But so be it. He said that the country would continue on doing what it’s been doing ā€” trying to pay “exchange bondholders” (the 92% of bondholders who did restructure their debt) without paying the “vultures.”

That flies directly in the face of the Supreme Court, which upheld a lower Court’s ruling in favor of NML. New York Judge Thomas Griesa ruled that Argentina could not favor some bondholders over others according to a clause in Argentina’s called pari passu. In Latin, it means “equal step.”

When Argentina tried to pay exchange bondholders earlier this month, Griesa sent that money right back to The Republic. And there it sits in a Bank of New York Mellon custodial account.

“First we’re not going to sign any agreement that hurts Argentina’s future,” said Kicillof. “Second, we’re going to defend the 92% of bondholders that did restructure… In third place, we’re going to take every measure… we have to make sure this situation is not perpetuated. Argentina is ready to talk, to come to an agreement. Let’s come to a just, fair… ruling for 100% of our investors. But do not make us do anything illegal… Do not make us do anything unjust… Do not make us do anything that will make us put Argentina’s economy at risk…. We won’t allow it.”

The full statment from Pollack is below.

This morning and this afternoon, representatives of the Republic of Argentina, led by Minister of the Economy, Axel Kicillof, and representatives of its large bondholders held further face-to-face meetings in my office and in my presence.

Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in Default. Today, July 30, was the last day of the grace period for the Republic of Argentina to pay many hundreds of millions of dollars of interest to its “exchange” bondholders, i.e. those who took bonds in 2005 and 2010 in exchange for the bonds they held following the Default of 2001.

In order to make that payment of interest, however, the Republic of Argentina was also required, simultaneously, to make a “ratable” payment to the bondholders who declined to accept the exchanges of 2005 and 2010, i.e. the “holdouts”. The Republic of Argentina did not meet those conditions and, as a result, will be in Default.

Notwithstanding any claim to the contrary, Default is not a mere “technical” condition, but rather a real and painful event that will hurt real people: these include all ordinary Argentine citizens, the exchange bondholders (who will not receive their interest ) and the holdouts ( who will not receive payment of the judgments they obtained in Court).

The full consequences of Default are not predictable, but they certainly are not positive. This case has been highly publicized and highly politicized for many weeks. What has been perfectly clear to me all along, however, in my capacity as the neutral Special Master, is that the laws of the United States must be obeyed by all parties. The courts of the United States (both the United States District Court and the United States Court of Appeals), after full briefings and hearings, ruled that the Republic of Argentina could not lawfully make the interest payments to the exchange bondholders unless it simultaneously made the payments due the holdouts.

I have worked relentlessly, over a five-week period, to bring the Republic of Argentina and its bondholders together in an agreement that would allow the June 30 interest payment of many hundreds of millions of dollars to be made, and to be made lawfully, thereby avoiding Default. It is not my role or intent to find fault with either side. I will continue to be available to the parties to aid them in reaching a resolution which they must reach in the interests of all concerned.

Default cannot be allowed to lapse into a permanent condition or the Republic of Argentina and the bondholders, both exchange and holdouts, will suffer increasingly grievous harm, and the ordinary Argentine citizen will be the real and ultimate victim.

Argentina refuses to submit to ā€˜extortionā€™ on debt

TV grab released by Noticias Argentinas showing Argentine President Cristina Fernandez de Kirchner addressing the nation, in Buenos Aires on June 16 2014 just hours after the US Supreme Court turned back Argentina's appeals against paying at least $1.3 billion to hedge fund investors in its defaulted bonds, piling pressure on the country's finances

President Cristina FernĆ”ndez ofĀ ArgentinaĀ has raised theĀ prospect of a sovereign default, saying that her government could not succumb to the ā€œextortionā€ of a US Supreme Court decision that orders it to repay $1.5bn to ā€œholdoutā€ investors before servicing its restructured debt.

In a nationally broadcast speech on Monday, Ms FernƔndez said she was willing to negotiate but Argentina could not pay a group comprised mostly of hedge funds by June 30.

The president said she was willing to continue repaying the restructured debt, but the US Supreme Court on Monday said Buenos Aires had to pay $907m to the investors who had not joined restructuring programmes or lose the ability to use the US financial system to pay an equal amount due by June 30 to holders of otherĀ Argentine bonds.

ā€œWhat I cannot do as president is submit the country to such extortion,ā€ Ms FernĆ”ndez said.

The president gave no details on how she would continue to pay the more than 90 per cent of bondholders who agreed to a more than 70 per cent haircut on their loans after Argentina defaulted on $100bn of debt in 2001-02

She said she had told her economy minister to set up ā€œall the tools needed to make the payment to those who trusted in Argentinaā€.

Ms FernĆ”ndez said the total owed to the plaintiffs was $1.5bn including interest, and paying it all immediately in cash in the way that the courts had ordered could trigger another $15bn in other cash payments to the remaining holders of defaulted debt. That ā€œis not only absurd but impossibleā€, since it represents more than half the central bankā€™s remaining foreign reserves, she said.

ā€œItā€™s our obligation to take responsibility for paying our creditors, but not to become the victims of extortion by speculators,ā€ Ms FernĆ”ndez said.

The holdout investors fighting the legal battle, which Ms FernĆ”ndez described as ā€œvulturesā€, are led by hedge funds Aurelius Capital Management and NML Capital, a unit of billionaire Paul Singerā€™s Elliott Management Corp.

The judges not only rejected Argentinaā€™s appeal ā€“ they also ruled 7-1 that bondholders could force Argentina to reveal where it owns property around the world. That could make it easier to collect on other debts that have gone unpaid since Argentinaā€™s economy collapsed.

Justice Antonin Scalia wrote that US federal law offered no shield to Argentinaā€™s assets. Justice Ruth Bader Ginsburg was concerned that this could expose even Argentinaā€™s embassies and military ships to seizure if the government does not pay.

Argentinaā€™s Merval stock index dropped 11 per cent after the court decision, its largest one-day loss in more than six months. Share prices for the state-runĀ YPFĀ energy company fell nearly 13 per cent, while theĀ EdenorĀ electricity utility fell 20 per cent.

The cost of insuring Argentine bonds against default soared, and the value of Argentinaā€™s currency fell to 12 pesos to the dollar on the black market, implying a 33 per cent loss to anyone needing to buy foreign currency legally.

Argentina has hinted it might consider negotiating with holdouts but could not do so until after December 31, when a clause in its debt swaps prohibiting it from offering holdouts better terms expires.

Whether Argentina can keep stalling investors and US courts until that date remains to be seen.

The International Monetary Fund has said it is worried that the rulings against Argentina could make it more difficult for other countries to restructure their debt and put financial calamity behind them.

ā€œThis is surprising because it is giving a precedent for any ā€˜vulture fundā€™ to go against any country, so any country is vulnerable in a restructure,ā€ Sebastian Centurion at ABC Exchange told Reuters.

But other analysts believe collective action clauses now broadly used in sovereign debt issuance should prevent Argentinaā€™s case becoming a precedent, and there was little reaction in other emerging markets to the Supreme Court decision.

‘World’s biggest dinosaur’ found in Patagonia

Scientists in Argentina have uncovered the bones of a creature believed to be the world’s biggest dinosaur. The big guy would have weighed 77 metric tons, seven heavier than the previous record holder, the Argentinosaurus. Truly a sad day to be the ghost of an Argentinosaurus.

ScientistsĀ who spoke to the BBCĀ believe that it is a new species of titanosaur, which is an enormous herbivore from the Late Cretaceous period, characterized by small heads, long necks, and long tails. Based on measurements of its thigh bones, the dinosaur would have been 130 feet long and 65 feet tall.

After a local farm worker stumbled upon the remains, paleontologists unearthed the partial skeletons of seven individuals, about 150 bones in total, all in “remarkable condition.”

The dinosaur doesn’t have a name yet, but the researchersĀ told the BBC,

“It will be named describing its magnificence and in honor to both the region and the farm owners who alerted us about the discovery.”