BUENOS AIRES - Argentina is in a quandary. Prior to its 2005 sovereign-debt exchange, its legislature enacted a "lock law," which barred the way to any future offers to holders of bonds on which Argentina defaulted in 2002. While the lock law helped to boost the participation rate in the 2005 exchange, holdout creditors remained, and have pursued litigation to force repayment.
BRUSSELS - As Europe picks over the ruins of the mega-merger that would have created a world-beating new aerospace and defense giant, questions are being asked about the inglorious role that the European Union played in the fiasco. The European Commission's failure to champion the $50 billion merger of the Franco-German European Aeronautic Defence and Space Company (EADS), owner of Airbus, and the United Kingdom's BAE Systems is being seen as a crucial factor in the deal's collapse.
MADRID - On Monday night, the Palestinian Authority submitted a draft resolution to the United Nations General Assembly that, if approved, will upgrade Palestine's status from "observer entity" to "non-member observer state." A positive vote could change the outlook for bilateral talks between Israel and the Palestinian Authority.
turbulence. Optimism soared and prudence fled - reflected in premature eurozone membership for countries like Greece, as well as in the gap between the pace of EU enlargement and that of institutional integration.In other words, Europe's decision-makers ultimately overlooked the basic requirements of a
ratification procedure having been completed - by saying that he was 'defending the Irish people's right to a sovereign decision,'Yesterday the president made his decision conditional also on a decision of the German constitutional court, which is examining the Lisbon Treaty's conformity with the German
massed artillery and armored formations. But potential future missions, if they materialize, would be understood as emanating from a sovereign Iraqi decision, not as making a virtue out of a fact on the ground.And so, with America's withdrawal from Iraq paving the way for the administration's tectonic
invited comparisons to an Oscar lifetime achievement award that comes only when the recipient is nearing death.The decision to establish the EU was an ingenious response to the biggest challenge of the day - war and conflict. And, of course, the resurgence of nationalism and extremism of all kinds around
heavily invested, they have the most experience using cheap debt to create value. But, with commodity prices beginning to drop, even the most bullish companies are reassessing ambitious investment plans - a trend reflected in the Brazilian mining giant Vale's recent decision to put its investment in
. The authorities are taking steps to correct their mistakes, especially with the decision to form a banking unionand the outright monetary transactions program, which would allow unlimited intervention by the European Central Bank in the sovereign-bond market. Financial markets have been reassured that
, to make sure we do our very best to interrupt them, to kill them, to take them out of the picture." In other words, he would "kill them" where they were found, not only on the battlefield, but also in other sovereign countries, such as Pakistan, without charge or trial.Obama, for his
ministers, but directly from you,' appealed the PO deputy, according to whom the president has been delaying the ratification 'ad infinitum.'The draft resolution says, among other things: 'Acknowledging that the endorsement of the treaty is a sovereign decision of each member state, the Sejm appeals to the
depoliticized the process, the more legitimacy technocrats can earn. Conversely, whenever politics gets in the way of a decision, bureaucrats lose credibility.One objection to delegating political authority to technocrats is that such appointments amount to a humiliating constraint on sovereignty. In normal
Britain's long-term interests.Let us first demolish one delusion, namely that Britain could be like Norway or Switzerland. Norway has a population of around 4.9 million and a GDP of $485.8 billion. It also has a sovereign wealth fund currently valued at more than $600 billionand set to rise to $1 trillion
fission? The answer, ultimately, doesn't lie with any civilian use of nuclear energy, but first and foremost with its military applications.The energy derived from splitting uranium and plutonium atoms was originally used for the ultimate weapon, the atomic bomb. Being a nuclear power provides sovereign
compliant actions are to be considered voluntary, because, ultimately, he has made the conscious decision to agree.While technically correct, this is a ruthless interpretation, since this type of "willing" behavior is bound to leave resentment.A more benign interpretation, based on the collective
Unlike Europe, beset by a sovereign-debt crisis, and the United States, whose leaders are wrangling over how to stem the deficit, Russia may look like an oasis of stability and continuity. But that continuity is more reminiscent of the zastoi, or stagnation, of the Brezhnev era.Eight years of 7
formalized rules - imposing mandatory limits on deficits, debt, and inflation - would be enough. But this foundation of rules turned out to be an illusion: principles always need the support of power; otherwise they cannot stand the test of reality.The eurozone, a confederation of sovereign states with a
, has functioned fairly well, given the mammoth centrifugal forces and other pressures at work. But the skills needed for leadership of a wartime governing council are very different from those needed to run a sovereign state.Given the variety of the figures on the Council, there will be natural
solidarity. Greek sovereign debt has been downgraded to below that of Egypt. Portugal has had to ask for assistance from the EFSF and the International Monetary Fund. Irish banks reportedly need an additional 24 billion to stay afloat. And Spain is doing all it can to avoid the contagion.The irony is that
were made on both sides, but the response of Russia's leaders - invading a sovereign state across an internationally-recognized border, and then seeking to dismember it by recognizing Abkhazia and South Ossetia - was disproportionate. And the responsibility for this behavior lies not with Russia's
reached $85 billion (4.5% of GDP) in 2011. The outflow this year will likely be similar.This capital flight is striking. Oil prices are high. Unlike the US and Europe, Russia has zero sovereign debt, a balanced budget, and 4% GDP growth. Inward foreign direct investment is growing. And yet the net capital
government taken this foreseeable decision a year ago, the euro crisis would not have escalated to the extent that it has, the total bill would have been lower, and European leaders would have been rightly praised for a historic feat. But, as I said, back then Merkel did not dare to act.The agreement at the
[...]; Kooperacyjna Republika Gujany (od 1980)The Constitution of Guyana, 1980 with 1996 reforms, Article 1: Guyana is an indivisible, secular, democratic sovereign state in the course of transition from capitalism to socialism [..]. Republika Indii (od 1947) Republika Portugalska (od 1974)Constitution of Portugal
, Japonia WBC Masamori Tokuyama Erik López RTD 6 31 lipca 2002 Prefectural GymnasiumOsaka, Japonia WBA Alexander Mu?oz Eiji Kojima KO 2 22 czerwca 2002 MGM Grand Las Vegas, USA WBO Fernando Montiel Pedro Alcazar TKO 6 30 marca 2002 Sovereign Center Reading, USA IBF Felix Machado Martin Castillo TD 6 23
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