Argentina wins ship, loses IMF

The economic situation in the nation is concerning.

The saga of the Argentine ship, the ARA Libertad, seized by a US hedge fund looks to have come to an end, the International Tribunal for the Law of the Sea in Hamburg has ruled that it should be released back to the country. As we wrote when it was originally seized:

The fund, Elliott Capital Management, has been engaged in a long-running legal battle with the Argentine government. It specialises in what is euphemistically termed "distressed debt" – it buys up bonds held by countries which are extremely likely to default, or which have already defaulted. As a result, it gets them for a pittance, around one fifth of face value.

Elliott had been waiting for the ship to enter a port in which it would have a chance to enforce the legal judgements it had been awarded in US and UK courts; but it now seems that the Law of the Sea trumps Elliott's desire that other sovereign nations act as bailiffs for it.

There is a fair amount of sympathy internationally for Argentina; although it defaulted on its debt a decade ago, the "holdout" creditors like Elliott largely consist of investors who bought the debt after the default, and have been hindering the nation's attempts to become a responsible debtor ever since.

The Jubilee Debt Campaign, for instance, is firmly on Argentina's side. Its director, Nick Dearden, says:

We are delighted that Argentina has won this case. It is a disgrace that a group of speculators can seize the property of a sovereign nation in this way and points to the need for a fundamental change in the international debt system. Hopefully the ARA Libertad will now be promptly released.

Argentina is still facing a case in the United States in which the supposed 'rights' of these vulture funds will be put far ahead the needs and aspirations of Argentina's people. We must stop these funds profiteering from economic crises, wherever it takes place. If we don't, then what is happening to Argentina today will be happening to Greece and other European countries in years to come.

Even while past defaults continue to haunt Argentina, its current economic situation isn't much better. The country has failed to meet a deadline set by the IMF over the fact that its official measure of inflation is woefully inaccurate. Official statistics show inflation of around 10 per cent, but the actual rate is more likely to be about 25 per cent. Indeed, Argentina clamps down so much on reporting the true state of its economic situation that there are even suggestions that it has forced McDonalds to discount the Big Mac in order to skew the Economist's famous Big Mac index.

Artificially depressing the reported rate of inflation doesn't just make the country look better. It also means that any inflation linked bonds – and it issued many during its debt restructuring in 2002 –  won't be as expensive to pay off.

Of course, that may be the least of the problems Argentina's creditors have. Although the country has won a stay against Elliott in the New York courts, there is every chance that it may still be forced to choose between paying Elliott and not paying its current creditors. And if it comes to that, it's clear which way Argentina will go.

The ARA Libertad, the ship seized in Ghana. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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This is the new front in the battle to control women’s bodies

By defining all of us as “pre-pregnant”, women are afforded all the blame – but none of the control.

For several weeks, YouTube has been reminding me to hurry up and have a baby. In a moment of guilt over all the newspapers I read online for free, I turned off my ad-blocking software and now I can’t play a simple death metal album without having to sit through 30 seconds of sensible women with long, soft hair trying to sell me pregnancy tests. I half expect one of them to tap her watch and remind me that I shouldn’t be wasting my best fertile years writing about socialism on the internet.

My partner, meanwhile, gets shown advertisements for useful software; my male housemate is offered tomato sauce, which forms 90 per cent of his diet. At first, I wondered if the gods of Google knew something I didn’t. But I suspect that the algorithm is less imaginative than I have been giving it credit for – indeed, I suspect that what Google thinks it knows about me is that I’m a woman in my late twenties, so, whatever my other interests might be, I ought to be getting myself knocked up some time soon.

The technology is new but the assumptions are ancient. Women are meant to make babies, regardless of the alternative plans we might have. In the 21st century, governments and world health authorities are similarly unimaginative about women’s lives and choices. The US Centres for Disease Control and Prevention (CDC) recently published guidelines suggesting that any woman who “could get pregnant” should refrain from drinking alcohol. The phrase implies that this includes any woman who menstruates and is not on the Pill – which is, in effect, everyone, as the Pill is not a foolproof method of contraception. So all females capable of conceiving should treat themselves and be treated by the health system as “pre-pregnant” – regardless of whether they plan to get pregnant any time soon, or whether they have sex with men in the first place. Boys will be boys, after all, so women ought to take precautions: think of it as rape insurance.

The medical evidence for moderate drinking as a clear threat to pregnancy is not solidly proven, but the CDC claims that it just wants to provide the best information for women “and their partners”. That’s a chilling little addition. Shouldn’t it be enough for women to decide whether they have that second gin? Are their partners supposed to exercise control over what they do and do not drink? How? By ordering them not to go to the pub? By confiscating their money and keeping tabs on where they go?

This is the logic of domestic abuse. With more than 18,000 women murdered by their intimate partners since 2003, domestic violence is a greater threat to life and health in the US than foetal alcohol poisoning – but that appears not to matter to the CDC.

Most people with a working uterus can get pregnant and some of them don’t self-define as women. But the advice being delivered at the highest levels is clearly aimed at women and that, in itself, tells us a great deal about the reasoning behind this sort of social control. It’s all about controlling women’s bodies before, during and after pregnancy. Almost every ideological facet of our societies is geared towards that end – from product placement and public health advice to explicit laws forcing women to carry pregnancies to term and jailing them if they fail to deliver the healthy babies the state requires of them.

Men’s sexual and reproductive health is never subject to this sort of policing. In South America, where the zika virus is suspected of having caused thousands of birth defects, women are being advised not to “get pregnant”. This is couched in language that gives women all of the blame and none of the control. Just like in the US, reproductive warnings are not aimed at men – even though Brazil, El Salvador and the US are extremely religious countries, so you would think that the number of miraculous virgin births would surely have been noticed.

Men are not being advised to avoid impregnating women, because the idea of a state placing restrictions on men’s sexual behaviour, however violent or reckless, is simply outside the framework of political possibility. It is supposed to be women’s responsibility to control whether they get pregnant – but in Brazil and El Salvador, which are among the countries where zika is most rampant, women often don’t get to make any serious choice in that most intimate of matters. Because of endemic rape and sexual violence, combined with some of the strictest abortion laws in the world, women are routinely forced to give birth against their will.

El Salvador is not the only country that locks up women for having miscarriages. The spread of regressive “personhood” laws across the United States has led to many women being threatened with jail for manslaughter when they miscarry – even as attacks on abortion rights make it harder than ever for American women to choose when and how they become pregnant, especially if they are poor.

Imagine that you have a friend in her early twenties whose partner gave her a helpful list of what she should and should not eat, drink and otherwise insert into various highly personal orifices, just in case she happened to get pregnant. Imagine that this partner backed his suggestions up with the threat of physical force. Imagine that he routinely reminded your friend that her potential to create life was more important than the life she was living, denied her access to medical care and threatened to lock her up if she miscarried. You would be telling your friend to get the hell out of that abusive relationship. You would be calling around the local shelters to find her an emergency refuge. But there is no refuge for a woman when the basic apparatus of power in her country is abusive. When society puts social control above women’s autonomy, there is nowhere for them to escape.

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things.

This article first appeared in the 11 February 2016 issue of the New Statesman, The legacy of Europe's worst battle