Tag: Thomas GriesaThomas Griesa
Argentina must pay US$5.4 billion to more than 500 “me-too” holders of defaulted debt before it can pay the majority of its creditors, a US judge ruled on Friday. Argentina anticipated it would appeal the ruling.
The Argentine government has turned down a plea from mediator Daniel Pollack to return to the negotiating table with holdout investors, with the Economy Ministry considering that talks with the speculative funds, so-called 'vulture funds', would be inappropriate given the behavior of the litigants.
Argentina has launched a stinging attack on hedge funds attempting to block payment on last month's Bonar 24 debt issuance, stating that the petition shows the 'vulture funds' desperation following the successful auction.
Economy Minister Axel Kicillof confirmed the Argentine government will be filing a complaint against speculative or 'vulture' funds for seeking to seize the accounts of the Argentine embassy in Belgium, and the Argentine mission before the EU in Brussels, adding hedge funds are the most “despicable and repugnant” of the world financial system.
The Argentine government in a late release on Thursday strongly denied an 'inexact information' related to alleged embargos by speculative funds (or vulture funds) on bank accounts from the Argentine embassy and its staff, in Belgium, and said that the attempts to freeze 'embassy funds' are but a new extortion attempt and a clear procedure abuse which could be sanctioned by Belgian tribunals.
Griesa rules hedge funds entitled to details of recent Argentine bond offering and banks must comply
U.S. judge on Wednesday ruled that hedge funds suing over unpaid debt stemming from Argentina's 2002 default are entitled to details of a recent bond offering by Buenos Aires.
Argentina has formally appealed to the New York justice system the ruling handed down by district judge Thomas Griesa, which barred intermediary Citibank from processing US dollar denominated debt services issued under Argentine law and which expired on March 31.
Argentina’s central bank sent regulators to inspect Citibank's headquarters in Buenos Aires on Monday after the head of the branch was suspended amid a legal battle over Argentina's debt. Regulators are working to verify whether the bank was able to maintain normal operations following CEO Gabriel Ribisich's suspension last week, the government news agency Telam said.
Clearing houses Euroclear and Clearstream have closed trading bridges on some 9.4 billion of Argentine bonds issued under the country's law. The action will prevent Euroclear customers from settling their trades with Clearstream clients and vice versa, but will not affect trading between customers belonging to the same clearing company, the same source said.
Argentina's Economy Minister Axel Kicillof said on Wednesday a deal between Citigroup Inc and U.S. judge Thomas Griesa allowing the banking giant to process two Argentine debt payments violated the country's laws.