MercoPress. South Atlantic News Agency
US Supreme Court confirms Argentina has friends in its litigation with hedge funds
The US Supreme Court has confirmed that Brazil, Mexico and France have officially presented their opinions on an appeal currently being studied in the judicial authorities, which relates to the litigation held against Argentina by the hedge funds which the administration President Cristina Fernandez refers to as 'vulture funds'.
NML Capital, one of the bondholders that refused to enter previous debt restructurings on titles in default since 2001, maintains that Argentina must pay the full value of the debt with foreign reserves, which Buenos Aires hold are subject to sovereign immunity.
“Mexico, France and Brazil have presented statements of amicus curiae”, Supreme Court spokesman Scott Markley confirmed on Wednesday.
A further seven petitions were entered by private organizations and individuals, including Nobel-prize winning economist Joseph Stiglitz.
According to Markley the petitions, which are presentations made by third parties in a trial offering their opinion on the case, should appear in the case file at the latest Thursday.
The Mexican government had confirmed that they would file a petition in support of Argentina's appeal.
In their presentation, Argentina signaled that the rulings previously dictated by judge Thomas Griesa “could go against certain principles that order the right of sovereign immunity,” and as a result it asks the Supreme Court “to agree to evaluate in greater detail [Griesa's] reasons and motivations”.
Top Comments
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Read all comments“Friends” who want their share of the ever diminishing pie.
Mar 27th, 2014 - 12:51 pm 0Im sure 'el padre' also has some weigh in on this, along with the IMF, the Obamites, mercosur, Europe and then US private corporates tied in.
Mar 27th, 2014 - 12:57 pm 0Too big a shockwave for too many big interests.
No need for new precedents shaking up the ocean.
NotMuchLuck will continue their 13 year fail.
2. You do realize that Argentina has lost every single case all the way up to SCOTUS.
Mar 27th, 2014 - 01:19 pm 0They will lose again, SCOTUS will not care what the Administration or IMF thinks may happen.
Everyone knows Argentina is a scofflaw and run by crazies. This never should have made it this far most sane entities would have negotiated and put it behind them a decade ago.
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