World Bulletin / News Desk
Argentina replaced its navy chief on Monday as it investigates the seizure of a frigate in Ghana by bondholders who say they will not release the vessel until the South American country repays money owed them after its 2002 debt default.
The Libertad, a training frigate with some 300 crew on board, was detained in the Ghanaian port of Tema on Oct. 2 under a court order obtained by NML Capital Ltd, an affiliate of investment firm Elliott Management.
The firm says Argentina owes it over $300 million on defaulted debt and it will only release the ship if the country pays it at least $20 million.
The Defense Ministry replaced navy chief Carlos Alberto Paz soon after removing two other senior officials as part of a probe into who was responsible for the ill-fated decision to stop in Ghana, a Ministry statement said.
President Cristina Fernandez's government has condemned the ship's detention, saying it could not be targeted by creditors due to its military nature. A Ghanaian court ruled that Argentina forfeited such immunities when it issued the bonds.
Fernandez dispatched several senior officials to Accra to resolve the stand-off as recriminations mount over why Ghana was included on the vessel's tour of the region.
Argentina declared a massive sovereign default a decade ago at the height of an economic crisis and now faces a raft of lawsuits in U.S. courts by so-called holdout bondholders seeking state asset freezes to recover the value of defaulted bonds.
The bondholders, which the Argentine government calls vulture funds, normally target foreign bank accounts held by state-run companies or government agencies.
'We do need to have peace [in Syria], we need to have negotiations and for that we need to stop bombings against the civilians,' Manuel Valls says
In a statement at the Munich conference, US Secretary of State has said that Russia will continue to face sanctions unless it implement the agreements made at Minsk last year
Medvedev has said the current conditions in the world between Russia and the West are akin to a Cold War.
At least one teen may have fired fatal shots, authorities say
Two loyalists one a local elected member from the ruling CNDD-FDD party and another a member of a youth league have been killed in Burundi
According to interior minister Angelino Alfano, a second autopsy in Italy into the death of the Italian student Gulio Regeni Mr Alfano said the student had suffered 'something inhuman, animal-like, an unacceptable violence.'
A MiG-23 fighter jet of Libya's government has been shot down while carrying out airstrikes against rebel positions in the coastal city of Benghazi.
Venezuela's Supreme Court approved President Nicolas Maduro's "economic emergency" decree on Thursday, which has been seen as an attempt to render the legislative body useless.
First meeting between leaders of Eastern, Western Christianity in 1,000 years
The US has approved selling up to eight Lockheed Martin F-16 fighter jets to Pakistan, along with training, radar and other equipment, worth a total of $699m.
EU warns Athens to control external borders within three months
'Macedonia should be ready to stop the entrance of the refugees on its border,' Austrian FM says
Diplomatic sources suggest that EU foreign ministers meeting Monday in Brussels are now expected to approve ending these sanctions completely
According to Czech president, the only way to solve the ongoing refugee crisis is to fall back upon deportation
Tunisian government is preparing to consequences of potential foreign military intervention in the southeastern neighbor
Many refugees who have come to the Nordic country are now having second thoughts