New sovereign debt default for Argentina
The government of Argentina defaulted on its external debt for the second time in just over a decade on Wednesday of last week.
A US court had rejected the country’s payment plan for restructuring debts run up during its 1999-2002 financial crisis.Argentina was ordered to pay creditors. Chief among them were vulture funds which had bought the debt cheaply precisely to extract more money out of the state.
Argentina refused to pay. The stand-off could set a precedent for how sovereign debts are restructured. This is now a big issue for much of the Eurozone as well as the Global South.
French state attacks migrants and protesters
Police attacked camps of African migrants trying to get to Britain in Calais, north western France, on Monday of this week. But the planned raids were aborted and postponed after clashes left dozens injured. Despite a series of police attacks over 1,000 migrants are believed to be camping at Calais as they have nowhere else to go.
Thousands of people marched in Paris on Saturday of last week against Israel’s attacks on Gaza—the first such demonstration to be authorised. Alain Pojolat, an activist in the New Anticapitalist Party has been arrested and summoned to court on 22 October. He was the representative who informed the police of the two previous demonstrations which were subsequently banned.