MercoPress. South Atlantic News Agency
EU holders of restructured Argentine bonds begin court actions in Belgium
Holders of restructured Argentine bonds took to Belgian courts against Euroclear and the Bank of New York last week over their failure to pay out Argentina’s deposit, newspaper Tiempo Argentino (*) reported, citing court documents signed by the funds’ legal counsel. Read full article
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Disclaimer & comment rulesTypical Yankee traits, thinking they are the centre of the universe and the world revolves around the USA....
Jul 08th, 2014 - 09:47 am - Link - Report abuse 0...wait a minute.....it does...
Not sure why they can't send the payment back to Buenos Aires and then Buenos Aires sends it directly to the bond holders.
Jul 08th, 2014 - 12:54 pm - Link - Report abuse 0Screw the old geriatric Judge.
Yep... The USA trying to control the world as usual.
It seems quite simple to me. Judge Griesa issued an order relevant to a bond issuer in NY jurisdiction and its bank, also in NY jurisdiction. Argieland failed to comply with the order by not depositing sufficient funds to cover the required payments. The Bank of New York Mellon Belgian and Luxembourg branches are, I'm sure, perfectly entitled to use their own money to pay the restructured bondholders. Not the Bank of New York Mellon's money. Not the argie government's money. And just a simple question. Where is the money coming from for these legal actions?
Jul 08th, 2014 - 12:59 pm - Link - Report abuse 0CFK will surely never pay as long as half the world seems bent on supporting their case, and the other half against, she must be laughing all the way to the bank.
Jul 08th, 2014 - 01:50 pm - Link - Report abuse 0this crap may come back to haunt those who supported her, especially in the future when other may well owe money, and play the same game ..
I heard some process had also been file in Macao by restructured bond holders. China is not happy but can't do much about about under the one country-two systems.
Jul 08th, 2014 - 05:54 pm - Link - Report abuse 0HAHAHAAH, it seems this may become a global mess involving courts from all over the world, the governments of many nations, multiple banks, a plethora of judges, geo-politics, international organizations like OAS, IMF, CELAC, UN, etc, plus public opinion and non-government groups plus political think-tanks.
What a grandiose confusing mess.
All benefits Argentina.
Not only Argentina, pebete....., not only Argentina....
Jul 08th, 2014 - 06:05 pm - Link - Report abuse 0http://tn.com.ar/politica/cristina-publico-una-carta-de-kicillof-en-respuesta-a-los-holdouts_513691
Jul 08th, 2014 - 07:46 pm - Link - Report abuse 0Spoken like the 13 y/o girl who just had her pig tail pulled.
Elvis Austral is in waaay over his head poor thing.
The smartest monkey in the zoo doesn't do too well when he goes to the big city.
It seems to be relatively clear as to the reach of the US legal system concerning the banks.
Jul 08th, 2014 - 08:36 pm - Link - Report abuse 0The US Bank Licence issued to all banks operating within the US either directly or indirectly via a subsidiary (such as the MELLON name) in ANOTHER COUNTRY directs that US Law is the prevailing Law.
So the choice is with the banks: do they want a branch in the US or NOT? If they do (and who would not) then all the branches and even the top bank HAS to comply with Griesa.
If indeed as is claimed the same bonds were issued WITHOUT the support of NY Bank Legislation ”guarantee” so necessary to sell these damn things originally, then I would be really interested to see a lawyer show one to the court in an EU country because I do not believe one exists.
How would the original bonds have been sold without a righteous warranty in the first place except to idiots?
“All benefits Argentina.”
Jul 08th, 2014 - 10:12 pm - Link - Report abuse 0And yet no one can tell me how.
If the benefits are so good why is everyone so cryptic and secretive about them?
@2
Jul 09th, 2014 - 04:32 am - Link - Report abuse 0Because BNY are trustees and have legal obligation.
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