Judge Griesa summons new hearing on case of hedge funds holding Argentine bonds
US Judge Thomas Griesa summoned a new hearing at New York Court over the case of investment funds against Argentina. The judge agreed with both parts a hearing on Friday to define the following steps after the US Appeals Court ruling issued on October 26.
The ruling recognized that Argentina discriminated against bondholders who refused to take part in massive debt re-structuring in 2005 and 2010 by deciding to pay them later than bondholders who agreed to participate.
The unanimous three-judge appeals court panel said that in conducting the restructurings, Argentina violated a provision in the bonds that required it to treat bondholders equally, even if they chose to hold out and did not take part in the massive debt restructuring in 2995 and 2010.
Argentina claimed that upholding Griesa’s rulings would undermine its debt agreements, trigger a new financial crisis in the republic and make it impossible for countries including Greece and Spain to restructure their debt in the future.
“Nothing in the record supports Argentina's blanket assertion that the injunctions will plunge the Republic into a new financial and economic crisis,” Circuit Judge Barrington Parker wrote for the panel agreeing with Judge Griesa that with more than 40 billion dollars in foreign reserves, Argentina has the ability to pay the holdouts
“We hold that Argentina breached its promise,” the appellate court said, summarizing a 29-page ruling that could make it difficult for Argentina to use the US financial system unless it complies.
The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.
NML Capital Ltd. is the investment fund that impounded the Argentine Navy training frigate ARA Libertad which remains retained in Ghana. The parent company of NML is billionaire Paul Singer's Elliott Capital Management
The case is NML Capital Ltd. v. Republic of Argentina, 12-00105, US Court of Appeals for the Second Circuit (Manhattan).
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You mean you don't like the judgement of this judge so were hoping for a different outcome from a different judge?
It has to go back to Griesa because they are clarifying the technicalities of the order he made.
Read the article before you make stupid comments.
BTW your forgot to mention Tory paedophiles
Come one BK, at least try to understand what is going before you comment.
“The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.”
Very obviously they are asking for clarification on a point. You can read so stop writing any old rubbish
That could be considered somewhat extreme.
Why not just let them crumble due to their own incompetence?
Cristina Kirchner is a corrupt oligarch. Her days in office are numbered. The best thing for the people of Argentina to do right now is to force her out of office, arrest her and her cabinet of corrupt garbage cronies and for them to be hanged or guillotined in the plaza de Mayo!!
But you didn't, good =)
www.guardian.co.uk/uk/2012/nov/08/mistaken-identity-tory-abuse-claim
looks like it was mistaken identity
@10 And shite once more rises to the surface.
@11 Can't wait to get you brainless, thieving tools out of the UK. Writing to my MP to ensure that, should a Scottish thing attempt to breach the border, Scotland can be vapourised. Just figure. 7,500 miles in 30 minutes. 300 miles in less than a minute.
''Griesa is a mummy!! right??''
What would her having children have anything to do with this?
yet still tries to wriggle out of it .lol.
My bad. I usually research such things before posting which I didn't this time.
D'oh!
You are such an effing stupid twat !
1 The nuclear weapons are in Scotland.
2 If the ludicrous scenario ever took place, England would also disappear under the fall out.
3 It has been such a sad fact of life that the Scots, (and the Ulstermen)) have had to take jobs in England because the locals are so damned thick !
Go back to your anger management classes or take some prozac
in.reuters.com/article/2012/11/09/us-argentina-bonds-idINBRE8A81BN20121109
“Why doesn't some other country just invade Argentina and displace the illegal corrupt government? This is a golden opportunity for some country with military strength to get these corruptos and Kretina, try them for crimes against humanity, and life in a hard labor camp and the death penalty for others? What are you all waiting for?”
Haaa, like what country are you suggesting? Illegal Govt.? What is your definition of an illegal Govt.? This is a very legitimate Govt. voted by an overwhelming majority and it has 3 more years more as allowed in the constitution. The protestors in BA do not want the Govt. to leave, but to address their concerns. Aaahrm, try them for crimes against humanity? Please list the crimes and submit them to the International Tribunal.
If you want an invasion, I invite you to lead the charge.
I sense that your apparent anger is for some other reason. Now, what might that be?
Argentina will either implode and get rid of her,
Or recover and grow, like some Argies believe, and re-elect her.
But she would have to alter the constitution to do this,
Unless she has other ideas up her sleeve, and puts in a puppet,
And she becomes vice president, and let the puppet bring Argentina to the brink of collapse,
Then love and behold, the mighty CFK comes to the rescue for re-election in 2019 perhaps.
Heys it was Justa thought.
.
lol
But she would have to alter the constitution to do this,
Unless she has other ideas up her sleeve, and puts in a puppet,
And she becomes vice president, and let the puppet bring Argentina to the brink of collapse,
Then love and behold, the mighty CFK comes to the rescue for re-election in 2019 perhaps.
Heys it was Justa thought”
A good thought. Cristina as VP would definately be one way to continue to lead in all but name. But she wouldn't have to let the country go to the dogs under her “puppet”, or wait until 2019 to come back - they could just resign after, say, an hour, and she'd be back by constitutional succession =)
You are such an effing stupid twat !”
well said, couldn't agree more, and i'm English too the bone..
(oh, ek, hang on, no i'm not, i'm a Welsh Zimbabwean ...ah well..close enough)
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