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Greg Palast: How Obama Could End Argentina’s Debt Crisis
Posted on Aug 8, 2014
“The ‘vulture’ financier now threatening to devour Argentina can be stopped dead by a simple note to the courts from Barack Obama,” investigative journalist Greg Palast writes Thursday at The Guardian. “But the president, while officially supporting Argentina, has not done this one thing that could save Buenos Aires from default.”
While in office, President George W. Bush used this power against Singer’s operation to prevent it from seizing U.S. property despite the fact that Singer is one of the biggest and most influential contributors to Republican candidates, Palast notes.
President Obama has capitulated to Singer before, according to Palast. In 2009 Singer took control of Delphi Automotive, the only supplier of most auto parts used by General Motors and Chrysler when both carmakers were already in bankruptcy. Singer and his colleagues threatened to stop shipment of parts to General Motors unless the U.S. Treasury paid them billions in cash immediately. Within days, Singer’s group had received $12.9 billion from the Treasury’s auto bailout fund, Palast writes.
So why won’t Obama oppose Singer?
“In other words, there’s a price for crossing Singer,” Palast concludes. “And, unlike the president of Argentina, Obama appears unwilling to pay it.”
—Posted by Alexander Reed Kelly
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