United States

United States
Friday, August 8th 2014 - 07:09 UTC

Griesa summons hearing for Friday; Argentina launches proceedings against the US in The Hague

 Griesa has ordered the Bank of New York to hold the Argentine funds and has said Argentina's attempt to pay restructured bond holders was illegal.

New York District judge Thomas Griesa has scheduled a hearing at 4 pm local time on Friday to address Argentina's recent public statements over their attempts to pay creditors, a court official said. Representatives from both Argentina and holdout investors have been called to the hearing, which will take place in New York.

Thursday, August 7th 2014 - 07:02 UTC

Argentina closer to contempt of court as it suggests bondholders to change paymaster

“BNY shall retain the funds in its accounts at the BCRA pending further order from this court”, ordered Judge Griesa

New York district judge Thomas Griesa and the Argentine government are again on the collision course: while the magistrate has ordered the Bank of New York Mellon to retain the funds deposited by Argentina to pay exchange bondholders and declaring the payment “illegal”, the Ministry of Economy in Buenos Aires suggested bondholder should change BONY for a new intermediary institution.

Wednesday, August 6th 2014 - 08:02 UTC

Argentina will demand Citibank and BONY to pay exchange bondholders

The Ministry of Economy will also publish on Wednesday in international and local newspapers a call for exchange bondholders to exercise their rights

The Argentine Government will formally demand that Citibank and the Bank of New York Mellon pay exchange bondholders, the Economy Ministry informed on Tuesday in a press release.

Tuesday, August 5th 2014 - 07:14 UTC

Argentina planning to question Judge Griesa before the International Court of Justice

Argentina refuses to accept Griesa’s ruling as the final instance of legal recourse, and will challenge his pari passu ruling imminently in the Hague.

Argentina's Legal and Technical Secretary to the Presidency Carlos Zannini is overseeing a group of experts in international law as they draft the suit the government of President Cristina Fernandez will file against US Judge Thomas Griesa’s ruling on full repayment to holdout bondholders at International Court of Justice in the Hague, according to Noticias Argentinas-

Tuesday, August 5th 2014 - 06:54 UTC

Griesa praises Pollack's 'great skill” and reveals he directed the use of 'default'

“It would be a gross injustice and would drastically interfere with the process which has been going on and must continue” said Griesa

U.S. District Judge Thomas Griesa on Monday turned back an effort by Argentina's government to remove the court-appointed mediator in the dispute with creditors that triggered a 'selective default' situation by the country last week. He also revealed that the default condition was at his direction and was 'accurate'.

Monday, August 4th 2014 - 07:34 UTC

Debt ruling shows a callous disregard to the effects on Argentina

“It's not fair to the government of Argentina, which cannot pay the vulture funds without facing demands from other creditors to be paid in full”

By Eileen Appelbaum (The New York Times) - There is no way to construe as fair the United States court ruling that Argentina cannot pay 93% of its creditors, unless it first pays a small group of hedge funds. It's not fair to the 93% of bondholders who negotiated a restructuring of Argentina’s debt in 2005 and 2010 with reduced payments.

Sunday, August 3rd 2014 - 13:22 UTC

“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

While Singer’s firm has yet to collect any money from Argentina, experts say that the battle may have shifted the balance of power toward creditors

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.

Saturday, August 2nd 2014 - 09:18 UTC

“Debt restructuring” and the Argentine case by Joseph Stiglitz

“The vultures have invoked the rule of law but we should be clear: This is about greed”, says the Nobel Prize

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.

Saturday, August 2nd 2014 - 09:08 UTC

IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

ISDA's 15-member determinations committee decided that a “failure to pay” event has occurred on the contracts on July 30

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.

Saturday, August 2nd 2014 - 08:58 UTC

Argentina suggests Griesa and Pollack are actively helping holdouts by declaring a 'default'

Thus Argentina for these reasons, “reiterates its request, by writing, that the mediator be replaced”.

The Argentine Economy Ministry claimed on Friday New York judge Thomas Griesa has benefited “vulture funds” during negotiations over Argentina's defaulted debt with holdouts and asked the (Argentine) National Values Commission (CNV) to start an investigation over alleged “speculative moves”.

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