MercoPress. South Atlantic News Agency
Griesa eases bond payments agenda; Argentina complies with the Paris Club
New York judge Thomas Griesa has confirmed that the Citigroup bank will on a one-off occasion be permitted to process payment on Argentine bonds held under Argentine law, which form part of the titles restructured following the default of 2001. Read full article
Comments
Disclaimer & comment rulesGriesa is being reasonable over this, just as he has demonstrated over everything else in his pervue so far.
Jul 29th, 2014 - 11:10 am - Link - Report abuse 0What a pity TMBOA continues her medically inspired rants against him as she will no doubt continue to do in Caracarse with all the other arses.
I guess after getting his ass chewed in the NY times, he decided on a little bit of lee way.
Jul 29th, 2014 - 11:46 am - Link - Report abuse 0No one in the Venezuelan meeting is going to lend her a cent.
Why pay the Paris Club if you are planning on defaulting?
Jul 29th, 2014 - 01:07 pm - Link - Report abuse 0Looks like they are going to pay Singer.
My guess is they paid a day early so that the payment was guaranteed to be free of attachment before default.
Jul 29th, 2014 - 01:24 pm - Link - Report abuse 02. He clarified that only the bonds issued under NY law were upheld. I am sure it had nothing to do with the uninformed “professor” and her most likely paid opinions.
yb actually as of 1 oclock today they will be in unofficial default. In order to make a payment for tomorrow, the Agent would have had to process the payments by 1 pm to be received tomorrow.
Jul 29th, 2014 - 03:12 pm - Link - Report abuse 0If I were in their shoes I have had (over a month ago) sent out a RUFO waivers to the restructured bond holders. If they all agreed to it, I then would have paid Singer so he can slither off in some other corner of the world. Now they are stuck with him......lol.
Too much effort I guess.
@5
Jul 29th, 2014 - 04:17 pm - Link - Report abuse 0Apparently the RUFO is a read herring as it only applies to voluntary payments, not forced payments as would be the case if they do pay Singer. I think they have been using the RUFO clause as an excuse.
@4
If they are planning on default the progress made with the PC, Repsol, etc will be undone so it would be a strange choice to make the payment to the PC when those 100s of millions could be used for something useful like ... propping up the peso for a day or two or funding a smear campaign against Griesa.
@6. Clever. You been reading my comments? By the way, it's a “red” herring!
Jul 29th, 2014 - 05:43 pm - Link - Report abuse 0@6 The RUFO only applies to voluntary payments but if there is ANY negotiation with the holdouts there is a risk that it might be trigger. A very small risk but one that the Kirchner may not be willing to make since they might face criminal charges (well, more charges than they already have) if RUFO triggers. We could pay in cash but we don't have enough cash to pay all the holdouts.
Jul 29th, 2014 - 05:55 pm - Link - Report abuse 0CFK paid the Paris Club as a gesture of good will.
Its all irrelevent anyway, the bonds were issued under NY Law.
Jul 29th, 2014 - 06:39 pm - Link - Report abuse 0What are we saying here?
The terms of a contract do not apply after the event?
When this is all over, let them or whoever is in charge in Argentina try to issue bonds through New York again. For that matter anywhere in US, UK or EUROPE!
@7 Conq
Jul 29th, 2014 - 08:05 pm - Link - Report abuse 0I do read many of your posts.
In amongst the anger there are often some gems. I liked your comment the other day (paraphrasing) “ Argentina: everyone is against us , but everyone supports us”. Very good. But I must have missed your post on the RUFO “read” herring.
@8 MagnusM
I can't see the value of the good will today if they plan to default tomorrow.
I see that after CFK claimed a new word would be required to define the default, the spin team had put #Griefault out on social media. I think #CFKsfault would be more accurate.
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