New York judge Thomas Griesa on Wednesday barred Euroclear, the giant Belgium-based financial clearing and settlement house, from processing any debt payments by Argentina. In the newest step tightening Buenos Aires' avenues for avoiding paying off hedge funds on their bonds, Griesa forbade Euroclear from processing any payments received from any source in respect to Argentine bonds.
The Falkland Islands has released two new documents, the Islands State of the Economy and on income needed to comfortably cover all of a household's expenses. The Falklands enjoys one of the highest standards of living in the Americas with low inflation and virtually full employment.
The New York Court of Appeals has decided to push back its decision on Argentina for another week, as the Cristina Fernandez administration seeks to overturn the contempt ruling imposed by judge Thomas Griesa in the ongoing conflict against holdout investors.
The Falkland Islands economy has witnessed impressive, although volatile, growth in recent years with unemployment rates low enough to be the envy of most countries in the world and the government is free of debt, according to the latest State of the Economy released by the Falklands Policy Unit.
Paul Singer-controlled NML Capital said that the hedge fund, as well as other holders of Argentine debt, made a deal with Citibank regarding the legal dispute at New York courts over Argentine-law bonds.
Financial experts expect Brazil's economy to shrink 0.83% in 2015, its biggest contraction since 1990, and inflation to climb to 8.12%, its highest level since 2003, according to the results of a Central Bank survey released on Monday.
Swiss prosecutors have uncovered over 300 accounts at more than 30 Swiss banks that they suspect are linked to the massive corruption and money-laundering scandal at Brazil's state-run oil company Petrobras.
United States Judge Thomas Griesa finally authorized Citibank Argentina to process interest payments of bonds issued under Argentine law, with a payment deadline on March 31 and on June 30, and to exit its custody business in Argentina.
Petrobras corruption scandal reaches New York court: banks will have to explain sale of bonds to US investors
Fifteen banks will join Petrobras next week, April 3, in a New York court to explain how they did nothing wrong when selling 98 billion dollars worth of the Brazilian state oil company’s bonds to American investors. Of the 15, lawyers representing the investment banking divisions of Itau and Bradesco will appear before New York judge Jed Rakoff in hopes to escape the scandal.
Argentina’s current account deficit widened 7.9% to 5.07 billion dollars in 2014 as Latin America’s third-biggest economy eked out meager 0.5% growth, official data showed. Exports fell 11.9% from 2013 to 71.94bn, hurt by low international prices for Argentine soy, wheat and corn as well as weakened demand in key trading partner Brazil, where economic growth is also stagnant.