Tag: New York State Court of AppealsNew York State Court of Appeals
A United States appeals court on Monday declined to reconsider an order requiring Argentina to pay 1.33 billion dollars, ruling in favor of bondholders who refused to participate in two debt restructurings spinning out of the country's 2002 default.
Argentina’s legal representation in Washington DC yesterday sent a petition for a writ of certiorari to the United States’ Supreme Court, requesting Justices to accept its appeal against the Second Circuit Court of Appeal’s ruling in favour of holdout hedge funds, which are demanding full repayment for bonds left unpaid by Argentina’s record-breaking 2002 default.
Argentine Economy minister Hernán Lorenzino said that the New York appeals court ruling supporting Judge Thomas Griesa decision in favour of paying the hedge funds the 1.3bn dollars they are demanding, was an attempt to take the country back to 2001.
The Barack Obama administration won’t file a brief next week urging the U.S. Supreme Court to hear Argentina’s appeal in a clash with implications for tens of billions of dollars in defaulted debt, according to a Justice Department spokesman.
For the first time since the litigation of hedge funds against Argentina the International Monetary Fund warned about the ‘risks’ which would entail ratifying Judge Thomas Griesa ruling condemning Argentina to pay over a billion dollars plus interests to the so called ‘vulture funds’.
President Cristina Fernández defended on Friday her debt reduction policies and blasted the so-called vulture funds and multilateral organizations but also admitted Argentina was willing to pay holdouts on the same conditions that those who accepted the 2005 and 2010 debt restructuring.
“We are representing a government, and governments will not be told to do things that fundamentally violate their principles” lawyer Jonathan Blackman told the Manhattan US appeals court.
The long-awaited showdown in a US appeals court this week pits Argentina against a group of investors who refused to swap their debt after the country's historic 2002 default.
Argentina has made its final written arguments ahead of a February 27 US courtroom showdown against holdout bondholders demanding full payment of capital plus interests for sovereign debt from the default of more than a decade ago.
Following Friday’s IMF ‘declaration of censure’ on Argentina because of the lack of reliability in its inflation and GDP stats, and the country’s first reaction virtually describing the Fund as mother of all financial evils, Minister of Economy Hernan Lorenzino announced a new ‘national’ Consumers Prices Index to be implemented in the course of this year and which will replace the current GBA-IPC.