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.

Photo: Getty
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Leaving the cleaning to someone else makes you happier? Men have known that for centuries

Research says avoiding housework is good for wellbeing, but women have rarely had the option.

If you want to be happy, there is apparently a trick: offload the shitwork onto somebody else. Hire cleaner. Get your groceries delivered. Have someone else launder your sheets. These are the findings published by the Proceedings of the National Academy of Sciences, but it’s also been the foundation of our economy since before we had economics. Who does the offloading? Men. Who does the shitwork? Women.

Over the last 40 years, female employment has risen to almost match the male rate, but inside the home, labour sticks stubbornly to old patterns: men self-report doing eight hours of housework a week, while women slog away for 13. When it comes to caring for family members, the difference is even more stark: men do ten hours, and women 23.

For your average heterosexual couple with kids, that means women spend 18 extra hours every week going to the shops, doing the laundry, laying out uniform, doing the school run, loading dishwashers, organising doctors' appointments, going to baby groups, picking things up, cooking meals, applying for tax credits, checking in on elderly parents, scrubbing pots, washing floors, combing out nits, dusting, folding laundry, etcetera etcetera et-tedious-cetera.

Split down the middle, that’s nine hours of unpaid work that men just sit back and let women take on. It’s not that men don’t need to eat, or that they don’t feel the cold cringe of horror when bare foot meets dropped food on a sticky kitchen floor. As Katrine Marçal pointed out in Who Cooked Adam Smiths Dinner?, men’s participation in the labour market has always relied on a woman in the background to service his needs. As far as the majority of men are concerned, domestic work is Someone Else’s Problem.

And though one of the study authors expressed surprise at how few people spend their money on time-saving services given the substantial effect on happiness, it surely isn’t that mysterious. The male half of the population has the option to recruit a wife or girlfriend who’ll do all this for free, while the female half faces harsh judgement for bringing cover in. Got a cleaner? Shouldn’t you be doing it yourself rather than outsourcing it to another woman? The fact that men have even more definitively shrugged off the housework gets little notice. Dirt apparently belongs to girls.

From infancy up, chores are coded pink. Looking on the Toys “R” Us website, I see you can buy a Disney Princess My First Kitchen (fuchsia, of course), which is one in the eye for royal privilege. Suck it up, Snow White: you don’t get out of the housekeeping just because your prince has come. Shop the blue aisle and you’ll find the Just Like Home Workshop Deluxe Carry Case Workbench – and this, precisely, is the difference between masculine and feminine work. Masculine work is productive: it makes something, and that something is valuable. Feminine work is reproductive: a cleaned toilet doesn’t stay clean, the used plates stack up in the sink.

The worst part of this con is that women are presumed to take on the shitwork because we want to. Because our natures dictate that there is a satisfaction in wiping an arse with a woman’s hand that men could never feel and money could never match. That fiction is used to justify not only women picking up the slack at home, but also employers paying less for what is seen as traditional “women’s work” – the caring, cleaning roles.

It took a six-year legal battle to secure compensation for the women Birmingham council underpaid for care work over decades. “Don’t get me wrong, the men do work hard, but we did work hard,” said one of the women who brought the action. “And I couldn’t see a lot of them doing what we do. Would they empty a commode, wash somebody down covered in mess, go into a house full of maggots and clean it up? But I’ll tell you what, I would have gone and done a dustman’s job for the day.”

If women are paid less, they’re more financially dependent on the men they live with. If you’re financially dependent, you can’t walk out over your unfair housework burden. No wonder the settlement of shitwork has been so hard to budge. The dream, of course, is that one day men will sack up and start to look after themselves and their own children. Till then, of course women should buy happiness if they can. There’s no guilt in hiring a cleaner – housework is work, so why shouldn’t someone get paid for it? One proviso: every week, spend just a little of the time you’ve purchased plotting how you’ll overthrow patriarchy for good.

Sarah Ditum is a journalist who writes regularly for the Guardian, New Statesman and others. Her website is here.