No, not a bad-test-named band of the Sixties, but a bad-test reality of the financial way of keeping nations under the yoke. When Judge Thomas Griesa (an octogenarian appointed by Nixon in ’71) decided to block Argentina’s payments of its restructured debt in behalf of the “vulture funds” (demanding full payment of bonds they bought by pennies after the 2001 default) he ventured in uncertain waters.
Suddenly, he wasn’t just punishing an isolated country of lesser importance. He was jeopardizing the entire game of finances, making any future restructuration of a sovereign debt a nonsense in itself. At the Appeals Court, Argentina was backed not just by its creditors (holding more than 82% of the debt), but by the Fed, the U.S. government and most of Wall Street as well. This time, the piece Griesa had thrown to the vultures was too big to swollen. The Court ruled a suspension of his previous rule until a definitive decision will be taken by February.
Most probably, by then, Argentina will be called to re-open to negotiations and the vultures will be forced to re-join the majority in the same terms. If so, the door will be open to a major reform in the Financial system, putting a halt to an Era when the speculators were free to soar over the unearthed corpses of indebted countries and their working people. Because, as a recent article in The Guardian puts it:
“Even a blatantly unjust capitalist system cannot survive this way for very long. So once again, international finance and its partners may be biting the hands that have fed it, with potentially disastrous consequences even for finance.”