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Argentina’s legal efforts to escape from ‘vulture creditors’ continues in the courts.

The community that began with Southern Dragon’s Lakeside Diner continues. Today we collect news from outside the usual, and renew the discussion.

Argentina has entered into a payback plan to satisfy international creditors after its default in 2005, which has been heralded as its way to return to the financing denied it during the workout of debt. Agreement reached with The Paris Club has garnered international approval and advanced Argentina’s return to access to international financial sources. The nation’s legal efforts to escape from ‘vulture creditors’ continues in the courts, and is scheduled to be taken up, or denied, by the U.S. Supreme Court on June 12.

‘We do not believe that external debt is bad per se. It is good when taken to finance infrastructure project that allow the country to grow and it is bad when used for gambling,’ Álvarez explained.

‘Argentina pays up as long as the payment conditions are sustainable for the country,’ he asserted, adding that ‘”the vulture funds” business is all about gambling.’

The Argentine government is fighting a decisive battle in the US courts, due to the fact that a favourable ruling would mark a new victory on the road to ending the default status decreed during Adolfo Rodríguez Saá’s short presidency in December 2001.

On May 25, the country made their final presentation to the US Supreme Court, in which it was requested that rulings from lower courts in favour of the ‘Vulture Funds’ be revised.

The most positive outcome for Argentina would occur if the tribunal accepts the case and considers that the lower courts wrongly interpreted the concept of pari passu, which ensures that the country must treat all creditors equally.

Great Britain’s head of a new site, funded by the government to provide security advice to internet users, apologized after the site crashed shortly after it was launched, under unanticipated heavy traffic.

Get Safe Online was publicised as being the place to go for advice to protect computers against a high-profile hack.

But within moments of an announcement on Monday, the website collapsed under a deluge of visitors.

(snip)

‘There is no reason to say this is a DDoS [distributed denial of service] attack. I’d love to say it was an attack – but it’s just the total amount of traffic that’s coming in.’

A day after announcement by the U.S. of 30% goal in cutting air pollution from coal burning plants, China announced the start of efforts to cut its industrial pollution output.

China said Tuesday it will set an absolute cap on its CO2 emissions starting in 2016 — a potentially landmark move that, coupled with an earlier U.S. announcement on power plant emission curbs, could boost sluggish United Nations efforts to produce a new global climate accord.

The exact extent of the cuts was not announced, but officials said renewable energy would account for up to 25 percent of the country’s energy production and nuclear power would be ramped up by the end of the next decade.

‘The Chinese announcement marks potentially the most important turning point in the global scene on climate change for a decade,’ said Michael Grubb, a professor of international energy and climate policy at University College London.

The international community hopes to conclude a global climate treaty to reduce greenhouse gas emissions by 2015, when the United Nations will host a climate conference in Paris.

On Wednesday, Europe announced cuts of its own, as climate talks began in the U.N. aimed at stopping the global loss of valuable resources and weather catastrophes.

The latest round of U.N. climate negotiations began Wednesday, with the European Union announcing it will reduce greenhouse gas emissions by about 24 percent by 2020 based on 1990 levels — more than its targeted cut of 20 percent — said EU Climate Action Commissioner Connie Hedegaard.

Never.Give.Up.

Photo by . SantiMB . under Creative Commons license