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Positive scenario for Argentina's decisive battle with hedge funds later this week

Monday, June 9th 2014 - 20:52 UTC
Full article 17 comments
Hedge funds' Singer appeal to Judge Griesa on alleged Argentine plans to ignore rulings, but was rejected Hedge funds' Singer appeal to Judge Griesa on alleged Argentine plans to ignore rulings, but was rejected
The Argentine multi-party delegation is headed by Lower House president Domínguez  The Argentine multi-party delegation is headed by Lower House president Domínguez

New York judge Thomas Griesa rejected last week a request by hedge fund investor Paul Singer to chide Argentina over its apparent “best option” plan to default on all its debt should it lose its last-chance appeal later this week before the US Supreme Court.

 The news was released when an Argentine delegation of lawmakers arrived in the US to lobby before Congress and the Executive.

The news piece, published on The New York Post and signed by Michelle Celarier, affirmed “Singer was enraged by a leaked confidential memo written by the country’s lawyers at Cleary Gottlieb that indicated Argentina was considering defaulting on all of its debt should the Supreme Court decline a request to hear the case.”

It added “lawyers for Singer’s Elliott Management called the memo a “smoking gun” that proved Argentina was preparing ”to disobey the court’s order to pay up.“

The article went on to say ”Griesa, in refusing to scold Argentina, said the memo was a privileged document between Argentina and its lawyers.”

Meanwhile the Argentine congressional delegation, with members from the ruling Kirchnerite coalition and opposition groups, arrived in Washington D.C to support Argentina’s stance in its court battle with holdout hedge funds.

The delegation has meetings scheduled with State Department officials and Republican lawmakers. At the State Department they will meet with US Assistant Secretary of State for Western Hemisphere Affairs Roberta Jacobson and Special Assistant to the President and Senior Director for Western Hemisphere Affairs Ricardo Zuñiga.

Domínguez praised the unity achieved in the delegation. “I value the lawmaker’s attitude to prioritize national interest,” he said before boarding the plane that took them to the US. “Politics have won”.

Top Comments

Disclaimer & comment rules
  • ChrisR

    Well we will see what we will see.

    Is contract law dead in the US or has SCOTUS told Obuma to piss off?

    ANY ruling for The Dark Country will be a disaster for US commercial activity.

    Would you invest under a country's law that could be amended / deflected by the President, if so you have a prime example of where to invest: Argentina!

    Jun 09th, 2014 - 09:34 pm 0
  • Troy Tempest

    I would think that such a leaked document not being officially recognised by the Court, is an indication of the Judge's integrity, rather than leniency.

    Outside of court, certainly it must influence the Market and the Lenders.

    Regardless, the deviousness of Argentina is exposed.

    Jun 09th, 2014 - 11:20 pm 0
  • tRoll_with_the_Punches

    The anti-argie foreign thieves that want to steal OUR money, just keep adding wrinkles to their faces each time an article is posted.

    Look at Griesa ffsks... I don't think he'll last the year!

    And Singer obviously got some cheap Botox, but you can tell his face is sagging to.

    Exactly as I said two years ago.

    Argentina can wait, wait, wait, delay delay delay.

    Can the hold outs wait, wait, and wait?

    LOL... tick tock tick tock.

    Eventually all the bond holders will be dead, and Argentina will ultimately triumph.

    Jun 10th, 2014 - 01:13 am 0
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