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Monday Memo: Varela in Panama – Argentine debt – ELN attack – Costa Rica and Colombia World Cup Firsts – Amado Boudou

This week's likely top stories: Juan Carlos Varela takes office as Panama's new president; Argentina negotiates a settlement with holdout creditors; the ELN attacks in Arauca; Costa Rica and Colombia advance to the World Cup quarterfinals for the first time; Argentine Vice President Boudou faces charges.

Juan Carlos Varela inaugurated in Panama: Panamanian President-elect Juan Carlos Varela will be officially sworn into office on Tuesday with a number of regional leaders in attendance, including a U.S. delegation led by Secretary of State John Kerry. Varela, of the Partido Panameñista (Panameñista Party) was elected on May 4 over José Domingo Arias of the Cambio Democrático (Democratic Change) party, earning 39 percent of the vote over Arias’ 32 percent, though Varela’s party only won 11 seats in Panama’s 71-seat legislative assembly. Varela, Panama’s former vice president, has promised to fight corruption and improve government transparency while continuing to improve Panama’s infrastructure.

Argentina to negotiate as interest payment comes due: With a $539 million interest payment on bonds due today (Monday), Argentina has 30 days to make the payment to avoid its second default in 13 years. Earlier this month, the U.S. Supreme Court rejected Argentina’s appeal in a long-running battle with holdout creditors after it defaulted on its debt in 2001. The Supreme Court decision allowed a lower court ruling to stand, which requires Argentina to pay a group of holdout creditors some $1.3 billion before it can pay other bondholders. The country has one month to negotiate a settlement with the holdouts in U.S. District Court to avoid a default.

Attack on oil camp in Western Colombia leaves 13 injured: The Colombian government has accused the Ejército de Liberación Nacional (National Liberation Army–ELN) of  attacking on a camp in the Caño Limón oilfield in the Colombian state of Arauca in western Colombia, injuring 13 people as they were preparing to attend Sunday Mass. While the ELN has traditionally carried out attacks on oil pipelines themselves, Colombian Minister of Mining and Energy Amylkar Acosta said this was the first time they had attacked a camp for workers, and accused the ELN of cowardice. The ELN has agreed to engage in formal peace talks, but have yet to agree to a formal truce; they have been accused of three other attacks on the same oil pipeline in the last ten days.

Costa Rica and Colombia make World Cup history: Costa Rica and Colombia both advanced to their teams’ first-ever World Cup quarterfinals this weekend, after Colombia defeated Uruguay 2-0 on Saturday and Costa Rica beat Greece in a penalty shootout on Sunday after tying 1-1 in regulation time. Colombia—led by 22-year-old James Rodríguez, who has scored at least one goal in each of his first four World Cup games—will face host country Brazil in the quarterfinals on July 4. Costa Rica will face the Netherlands on July 5 after the Dutch defeated Mexico on Sunday with a controversial penalty kick.

Argentine vice president charged with bribery: An Argentine judge charged Vice President Amado Boudou with bribery and corruption on Friday. If he is found guilty, Boudou could face between one and six years in prison. Boudou is accused of using his position as economy minister to interfere in bankruptcy proceedings against a printing company—charges that he denies. He is the first sitting Argentine vice president since 1983 to face such charges.

Following the 2014 World Cup? Read AQ's coverage here.

Any opinions expressed in this piece do not necessarily reflect those of Americas Quarterly or its publishers.
Tags: 2014 World Cup, Amado Boudou, Juan Carlos Varela

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