The Argentine government again blasted Judge Thomas Griesa for declaring 'illegal' the bill sent to Congress referred to the country's debt and creditors, and said the magistrate ignores national sovereignty and ignores how democratic institutions function.
US District Judge Thomas Griesa declared on Thursday that an Argentine plan to change the 'jurisdiction' of restructured foreign debt was illegal, while resisting holdout investors' demands that Argentina be held in contempt of court for attempting to change the site of payment to Buenos Aires.
Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.
Anticipating what seems an imminent order of contempt-of-court by US Judge Thomas Griesa following Argentine President Cristina Fernández decision to push a bill to change the payment jurisdiction to Buenos Aires, Cabinet Chief Jorge Capitanich pointed out that as a “sovereign country” Argentina cannot end up in contempt despite Griesa’s warnings.
The US Federal Reserve hinted that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting.
One of two hedge funds that sued Argentina over defaulted bonds branded the country's leaders “outlaws” on Wednesday after Buenos Aires moved to shift its bond payment method.
Argentine gambling industry tycoon Cristobal Lopez and who has been targeted by Paul Singer from Elliott Management in his hunt for assets connected to Argentine leaders, has closed for 'a year' a casino he owns in Florida and which he only opened last February.
President Cristina Fernandez said on Tuesday her government will move to service its defaulted debt in Argentina or allow bondholders to swap their bonds for new bonds governed by national law in order to get around a U.S. court order.
The US government reiterated on Tuesday that the International Court of Justice in The Hague “is not the appropriate venue” for addressing Argentina's debt issues and again called on the government of President Cristina Fernandez to engage with its creditors.
A new study has found that Puerto Rico has undergone such a dramatic population shift that there are now over a million more Puerto Ricans on the US mainland than on the US island territory. The Pew Research Center study showed that between 2010 and 2013, more people left Puerto Rico for mainland US than those who left in the 1980s or 1990s.