Tuesday 25 June 2024

Sri Lanka to declare ‘end to bankruptcy’ next week


Sri Lanka to declare ‘end to bankruptcy’ next week

 By Bandula Sirimanna Sunday Times 24-06-24

Sri Lanka is to declare ‘end to bankruptcy’ next week following an agreement reached with bilateral creditors and private bond holders on external debt restructuring at the end of second round of talks with them, highly informed official sources confirmed.

The government will sign a MoU with the official creditor committee of the Paris Club of Nations and an agreement with the Export-Import Bank of China and Ad Hoc Private Bondholder’s group will be reached on Wednesday June 26, a top government official closely associated with negotiations told the Business Times.

Sri Lanka will announce the country’s freedom from bankruptcy status on Thursday June 27, 26 months after declaring a preemptive default in April 12, 2022 suspending external debt repayment at a time where the country’s gross official reserves stood at just US$ 20 million, he disclosed.

India and China have expressed willingness to continue to work with relevant countries and international financial institutions to support Sri Lanka’s debt sustainability and agreements with bilateral creditors have been assured, he added.

Earlier the Ministry of Finance stated in a media release that despite “constructive discussions” in London with some of the Steering Committee members of the Ad Hoc Group of Bondholders, which consists of some of the country’s biggest private holders of debt, the two sides could not reach agreement on “restructuring terms on April 16.”

The Steering Committee comprises 10 of Sri Lanka’s largest bondholders and the Ad Hoc Group consists of “approximately 50 per cent of the aggregate outstanding amount of (international sovereign bonds) ISBs.” These bondholders hold around $12 billion of Sri Lanka’s total debt.

The government is now focusing on its $25 billion debt with sovereign bondholders. The bondholders’ proposal was on the introduction of a Macro-Linked Bond (MLB).

Their March 2024 proposal suggested a 20 per cent haircut on the minimal amount of existing bonds.

The revised proposal in April 2024 increased the haircut to 28 per cent with no haircuts on public debt interests (PDIs) in both March and April proposals.

However, minute discrepancies cropped up between the proposals of the Ad Hoc Group and the government during the first round of discussions regarding baseline parameters, risk balance, trigger tests, and the allocation of additional value in various MLB scenarios.

Following discussions, the bondholders revised their proposal in April 2024 to address some of the government’s concerns.

The agreement will be reached on a debt restructuring proposal favorable for private external creditors and Sri Lanka, he disclosed.⍐

Wednesday morning, Assange is expected to plead guilty to one charge.

 


Summary

  • Wikileaks founder Julian Assange has set off from Bangkok for the Northern Mariana Islands, a US territory
  • He left the UK on Monday after spending five years in prison fighting extradition to the US
  • It has emerged that, last week, he signed a deal with the US that will see him plead guilty to one espionage charge
  • He will not face further prison time - after pleading guilty, he will be free to return to Australia, his home country
  • His wife, Stella Assange, tells the BBC she is "elated" and urges the public to track his flight "in case something goes wrong"
  • Assange was originally facing 18 charges and feared a long sentence in a US high security prison



Wednesday morning,  Assange is expected to plead guilty to one charge, before returning to Australia. Here's a recap of the story:

  • Assange and US authorities agreed to a plea deal, where he will admit one espionage offence - instead of the 18 charges he was originally facing
  • The deal means Assange will not spend any time in a US prison, as he has already spent five years in the UK's high security Belmarsh prison, fighting extradition to the US
  • It emerged today - via a court document in London - that the deal was signed last Wednesday, with Assange leaving the UK on Monday evening
  • The chartered flights from the UK to Australia, via Thailand and the Northern Mariana Islands, have cost more than $500,000 (£393,715). Assange's wife says the Australian government has footed the bill, but the campaign will repay it. He was not allowed to fly commercial, she added
  • In an interview with the BBC, Stella Assange said she was "elated" by her husband's release - and they will seek a pardon, once he has pleaded guilty

WikiLeaks' Assange set to be freed after US espionage charge plea deal

Assange, who has been sought for over a decade over allegations he hacked the US government, today left HMP Belmarsh in London and flew out of the country on a flight from Stansted at 5pm today


WikiLeaks' Assange set to be freed after US espionage charge plea deal


SYDNEY/WASHINGTON, June 25 (Reuters)
WikiLeaks founder Julian Assange is due to plead guilty on Wednesday to violating U.S. espionage law, in a deal that will set him free after a 14-year British legal odyssey and allow his return home to Australia.
Assange, 52, has agreed to plead guilty to a single criminal count of conspiring to obtain and disclose classified U.S. national defence documents, according to filings in the U.S. District Court for the Northern Mariana Islands.
The deal marks the end of a legal saga that has seen Assange spend more than five years in a British high-security jail and seven holed up in the Ecuadorean embassy in London as he fought accusations of sex crimes in Sweden and battled extradition to the U.S., where he faced 18 criminal charges.
The U.S. government viewed him as a reckless villain who had endangered the lives of agents through WikiLeaks' mass release of secret U.S. documents - the largest security breaches of their kind in U.S. military history.
The artwork 'Anything to say?' by Italian artist Davide Dormino
portraying Edward Snowden (L), Julian Assange (R) and
Chelsea Manning (R),is displayed in the Piazza Dante in Naples,
Italy, 01 June 2024-Daily Mail


But to free press advocates and his supporters, which includes world leaders, celebrities and some prominent journalists, he is a hero for exposing wrongdoing and alleged war crimes, and was persecuted for embarrassing U.S. authorities.
On Wednesday, Assange is due to be sentenced to 62 months of time already served at a hearing in Saipan in the Northern Mariana Islands, at 9 a.m. local time (2300 GMT Tuesday).
The U.S. territory in the Pacific was chosen due to Assange's opposition to travelling to the mainland U.S. and for its proximity to Australia, prosecutors said.
Australian-born Assange left Belmarsh maximum security jail in the early hours of Monday, before being bailed by the London High Court and later boarding a flight, his wife, Stella Assange said. He was currently on a stopover in Bangkok, she said.
"I feel elated," Stella, who flew to Australia from London on Sunday with the couple's two children, told Reuters.
"I also feel worried ... Until it's fully signed off, I worry, but it looks like we've got there."
A video posted on X by Wikileaks showed Assange dressed in a blue shirt and jeans signing a document before boarding a private jet. After the hearing in Saipan, Assange will fly to Canberra where he will arrive on Wednesday, his wife said.
He had recently won permission to appeal against the approval of his U.S. extradition and the case was due to be heard at London's High Court next month, a factor that Stella Assange said helped galvanise talks over a deal.

'TOO LONG'

The Australian government, led by Prime Minister Anthony Albanese, has been pressing U.S. President Joe Biden for Assange's release but declined to comment on the legal proceedings as they were ongoing.

 "There is nothing to be gained by his continued incarceration and we want him brought home to Australia," Albanese said in the country's parliament.

WikiLeaks came to prominence in 2010 after it released hundreds of thousands of classified U.S. military documents on Washington's wars in Afghanistan and Iraq along with swaths of diplomatic cables.
The trove of more than 700,000 documents included battlefield accounts such as a 2007 video of a U.S. Apache helicopter firing at suspected insurgents in Iraq, killing a dozen people including two Reuters news staff. That video was released in 2010.
"Julian Assange endangered the lives of our troops in a time of war and should have been prosecuted to the fullest extent of the law," said Mike Pence, who served as U.S. Vice President under Donald Trump when the charges were brought against Assange.
"The Biden administration’s plea deal with Assange is a miscarriage of justice and dishonors the service and sacrifice of the men and women of our Armed Forces and their families," he said on X.
The charges against Assange sparked outrage among his many global supporters who have long argued that as the publisher of Wikileaks he should not face charges typically used against federal government employees who steal or leak information.
Many press freedom advocates have argued that criminally charging Assange is a threat to free speech and journalism.
Alan Rusbridger, a former editor of Britain's Guardian newspaper, one of the global titles which worked with WikiLeaks to publish some of the leaked material, said it was "pretty disturbing" that espionage laws were being used to target those who revealed uncomfortable information for states.
Stella Assange said the U.S. government should have dropped the case against her husband altogether.
"We will be seeking a pardon, obviously, but the fact that there is a guilty plea, under the Espionage Act, in relation to obtaining and disclosing national defence information is obviously a very serious concern for journalists," she said.

SWEDISH ALLEGATIONS

Assange was first arrested in Britain in 2010 on a European arrest warrant after Swedish authorities said they wanted to question him over sex-crime allegations that were later dropped. He fled to Ecuador's embassy, where he remained for seven years, to avoid extradition to Sweden.
He and Stella, a lawyer who worked on his case, had two children during his time there. He was dragged out of the embassy in 2019 after Ecuador withdrew his asylum status.
He was jailed for skipping bail and has been in Belmarsh ever since, latterly fighting extradition to the United States.
"Millions of people who have been advocating for Julian, it is almost time for them to have a drink and a celebration," his brother Gabriel Shipton told Reuters from France⍐.
Source: Reuters + Media+ enb

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