A federal appeals court cleared the way Wednesday for Argentina to settle its debts and strengthen its ability to maneuver in worldwide markets.
The 2nd U.S. Circuit Court of Appeals turned away creditors who wanted to keep in place court-ordered protections, though Circuit Judge Christopher Droney said a lower-court judge should take steps to determine whether Argentina has met conditions he required be fulfilled before court orders against the republic are permanently lifted. The conditions include completing settlement payments.
A three-judge panel announced its decision after hearing oral arguments for more than an hour. It found a judge was within his rights to conclude that circumstances surrounding the decadelong court battle changed dramatically when Argentina's new president, Mauricio Macri, decided to let the nation negotiate deals with bondholders after he took office Dec. 10.
Since January, Argentina has reached agreements to pay more than $8 billion to creditors, mainly U.S. hedge funds.
Argentine Economy Minister Alfonso Prat-Gay, who is in New York ahead of Argentina's first international bond sale in more than a decade, said, "This is a step toward achieving normality and the kind of development that Argentina deserves."
His country is expected to sell up to $15 billion in bonds, and he said the holdout funds will be paid on April 22.
The creditors went to court in New York after Argentina in 2001 defaulted on $100 billion in bonds. Argentina invited all its bondholders to swap their bonds at steep discounts for new bonds in 2005 and 2010.
U.S. District Judge Thomas Griesa had issued orders banning Argentina from paying interest through U.S. banks to 93 percent of its bondholders, who agreed to exchange their bonds for new bonds worth 25 percent to 29 percent of their original value.
4/16/2016
Obama's power over immigration drives Supreme Court dispute
The raging political fight over immigration comes to the Supreme Court on Monday in a dispute that could affect millions of people who are in the United States illegally.
The court is weighing the fate of Obama administration programs that could shield roughly 4 million people from deportation and grant them the legal right to hold a job.
Among them is Teresa Garcia of suburban Seattle, who has spent 14 years in the United States illegally after staying beyond the expiration of her tourist visa in 2002.
She's already gotten much of what she wanted when she chose not to return to her native Mexico. Her two sons are benefiting from an earlier effort that applies to people who were brought here illegally as children. Garcia's 11-year-old daughter is an American citizen.
Now, she would like the same for herself and her husband, a trained accountant who works construction jobs. Neither can work legally.
"To have a Social Security number, that means for me to have a better future. When I say better future, we are struggling with the little amount of money my husband is getting for the whole family. It makes for stress every day. We struggle to pay for everything," Garcia said.
The programs announced by President Barack Obama in November 2014 would apply to parents whose children are citizens or are living in the country legally. Eligibility also would be expanded for the president's 2012 effort that helped Garcia's sons. More than 700,000 people have taken advantage of that earlier program, Deferred Action for Childhood Arrivals. The new program for parents and the expanded program for children could reach as many as 4 million people, according to the nonpartisan Migration Policy Institute.
The court is weighing the fate of Obama administration programs that could shield roughly 4 million people from deportation and grant them the legal right to hold a job.
Among them is Teresa Garcia of suburban Seattle, who has spent 14 years in the United States illegally after staying beyond the expiration of her tourist visa in 2002.
She's already gotten much of what she wanted when she chose not to return to her native Mexico. Her two sons are benefiting from an earlier effort that applies to people who were brought here illegally as children. Garcia's 11-year-old daughter is an American citizen.
Now, she would like the same for herself and her husband, a trained accountant who works construction jobs. Neither can work legally.
"To have a Social Security number, that means for me to have a better future. When I say better future, we are struggling with the little amount of money my husband is getting for the whole family. It makes for stress every day. We struggle to pay for everything," Garcia said.
The programs announced by President Barack Obama in November 2014 would apply to parents whose children are citizens or are living in the country legally. Eligibility also would be expanded for the president's 2012 effort that helped Garcia's sons. More than 700,000 people have taken advantage of that earlier program, Deferred Action for Childhood Arrivals. The new program for parents and the expanded program for children could reach as many as 4 million people, according to the nonpartisan Migration Policy Institute.
Despite court ruling, China gay rights movement makes gains
For years, Chen Tiantian could only read about the gay rights movement in faraway places. She knew that there were activists in Beijing and a vibrant community in Shanghai, and that in San Francisco, a distant mecca, gay pride parades took up entire streets.
But on Wednesday, the 20-year-old English major sat on the steps of a courthouse and spoke fervently about how the struggle for equality had arrived in her central Chinese hometown ? and how she planned to take part.
"It's hard to believe, but we're right in the middle of this," said Chen, who is lesbian and came with several friends to support a local couple who had challenged the city's civil affairs bureau after they were denied a marriage certificate. "It's like I'm finally entering the struggle myself."
Though it was dismissed by the court in Changsha, China's first legal challenge to a law limiting marriage to opposite-sex couples has galvanized many of the hundreds of young Chinese gay rights supporters who gathered at the courthouse, some of them waving small rainbow flags. The hearing's sizable public turnout and coverage by usually conservative Chinese media appeared to reflect early signs of shifting social attitudes in China on the topic of sexual orientation.
The lawsuit that was dismissed was brought by 26-year-old Sun Wenlin against the civil affairs bureau for refusing to issue him and his partner, Hu Mingliang, a marriage registration certificate. The judge's ruling against the couple came down after a three-hour hearing ? but that didn't dampen the mood of many of the hundreds of young Chinese who gathered outside the courthouse hoping for a chance to "witness history," in the words of one supporter.
But on Wednesday, the 20-year-old English major sat on the steps of a courthouse and spoke fervently about how the struggle for equality had arrived in her central Chinese hometown ? and how she planned to take part.
"It's hard to believe, but we're right in the middle of this," said Chen, who is lesbian and came with several friends to support a local couple who had challenged the city's civil affairs bureau after they were denied a marriage certificate. "It's like I'm finally entering the struggle myself."
Though it was dismissed by the court in Changsha, China's first legal challenge to a law limiting marriage to opposite-sex couples has galvanized many of the hundreds of young Chinese gay rights supporters who gathered at the courthouse, some of them waving small rainbow flags. The hearing's sizable public turnout and coverage by usually conservative Chinese media appeared to reflect early signs of shifting social attitudes in China on the topic of sexual orientation.
The lawsuit that was dismissed was brought by 26-year-old Sun Wenlin against the civil affairs bureau for refusing to issue him and his partner, Hu Mingliang, a marriage registration certificate. The judge's ruling against the couple came down after a three-hour hearing ? but that didn't dampen the mood of many of the hundreds of young Chinese who gathered outside the courthouse hoping for a chance to "witness history," in the words of one supporter.
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