MercoPress, en Español

Montevideo, May 19th 2024 - 20:06 UTC



US court dismisses Citibank and Argentina appeal: back to Judge Griesa

Saturday, September 20th 2014 - 08:11 UTC
Full article 30 comments

A US court on Friday dismissed an appeal by Citibank and Argentina to let the country make payments on debt tied up in a bitter legal battle with hedge funds. Read full article


Disclaimer & comment rules
  • chronic

    Two for one. Shitibank and rotting roadkill with one stone. Sweet!

    Sep 20th, 2014 - 08:34 am - Link - Report abuse 0
  • Jay Bee

    Cristina, pay the debt you've been in default over since 2001. Stop wasting your money on trips to see Papa and building museums about a little group of Islands that you will never get your grubby little hands on.

    And stop making ridiculous laws that contradict other laws, rulings and customs. Like the dumb laws you wrote that have Citibank in this impossible situation and like the totally dumb law which potentially means that if an executive from Noble Energy or Premier oil ends up on a flight diverted to Argentine they could be put in jail for 15 years.

    Grow a pair, admit you're totally out of your depth, resign and then stay available for the investigations and inquiries.

    Sep 20th, 2014 - 08:55 am - Link - Report abuse 0
  • ilsen

    Well said Jay Bee, well said.

    Cristina stop wasting everyone's time with your unseemly and pathetic squirming.
    Have you no dignity, woman? Have you no decency?

    Sep 20th, 2014 - 09:51 am - Link - Report abuse 0
  • lsolde

    And Cristina, put your knickers on.
    Have you no shame?

    Sep 20th, 2014 - 11:55 am - Link - Report abuse 0
  • Holdout.from.Germany

    Comment removed by the editor.

    Sep 20th, 2014 - 12:24 pm - Link - Report abuse 0
  • ilsen

    @5 you seem to have a problem with the Caps Lock key.

    Sep 20th, 2014 - 12:55 pm - Link - Report abuse 0
  • ChrisR

    And apart from TMBOA, et al, is anyone surprised by this?

    No, I didn't think so.

    Sep 20th, 2014 - 01:01 pm - Link - Report abuse 0
  • Conqueror

    @5. Like argieland, you seem to have a problem with the phrase “Get lost”. You were posting this drivel days, or possibly weeks, ago.

    Your 'solution' requires argieland to have various attributes. 'Good faith'. 'Honesty'. 'Integrity'. Argieland has none of these.

    Now forget it!

    Sep 20th, 2014 - 01:46 pm - Link - Report abuse 0
  • Veronicus

    How can a New York judge block bonds issued outside of New York? Surely there must be some mistake there, as that is simply not legal and out of his purview.

    Sep 20th, 2014 - 02:04 pm - Link - Report abuse 0
  • gordo1

    @ 9 Veronicus

    My understanding is that at the time of issue of the bonds the debtor(Argentina) agreed that the transaction should be under the jurisdiction of the State of New York. Please correct me if I am wrong!

    Sep 20th, 2014 - 02:37 pm - Link - Report abuse 0
  • Liberty12

    Hey chronic brit Turd-you guys are rotting from your own dole.

    Sep 20th, 2014 - 03:54 pm - Link - Report abuse 0
  • ChrisR

    @ 11 Liberty12

    You are a Slovak then OR a stupid argie bastard?

    'dole' means down in Slovak, I would go for Slovak if I were you: much nicer people than argies.

    Sep 20th, 2014 - 04:33 pm - Link - Report abuse 0
  • owl61

    I believe sovereign nations ought to be allowed to restructure their outstanding debt. I also believe the terms/language in the Argentine bonds is binding upon Argentina (and the original bondholders). Argentina lawyers wrote the bond language and could have included any form of collective action clause they wanted. They did not. Perhaps the country has a malpractice case against its lawyers, but it cannot now be heard to bitch and moan just because the US Courts have interpreted the bond language as they have, to wit, interpreting the pari passu clause to require full payment to the holdouts contemporaneously with any and all payments to the substitute bondholders. That was predictable and could have been avoided by a well drafted collective action clause ( which, as I understand the commotion at the UN, is now to be incorporated as a matter of law into all sovereign bond issuances.
    CFK and crew might be better served directing their harsh language at their own lawyers rather than the US govt which actually filed an amicus brief in support of Arg.
    The post judgment discovery into the Baez connection in related proceedings will ultimately lead to CFk's incarceration.

    Sep 20th, 2014 - 06:02 pm - Link - Report abuse 0
  • gordo1

    Of course, prudent and serious sovereign nations should have the facility to restructure their debts always supposing they patently due their utmost to adhere to the original terms of any foreign debt they may have incurred. Also, the terms of any restructuring agreement must insist that 100% of the holders of the original debt MUST agree to the terms of the restructure - there can be no “hold outs”. The jurisdiction of the the original indebtedness MUST also be the jurisdiction of the restructuring agreement.

    Thus no arrogant nation (Argentina???) can avoid their contractual obligations.

    Sep 20th, 2014 - 06:49 pm - Link - Report abuse 0
  • owl61

    No one defines a collective action clause to require 100% agreement. That is not realistic. There will always be holdouts - CACs generally require a certain % of bondholders and a certain % of bond amount.

    Sep 21st, 2014 - 12:11 am - Link - Report abuse 0
  • Doggy Rap

    “faced with either infuriating a large customer -- and possibly losing its Argentine banking license and assets -- or defying a US court order”

    An easy, although unpleasant, choice.

    The first option is to loose a couple of bucks and a license, the latter is suicidal

    Sep 21st, 2014 - 02:16 am - Link - Report abuse 0
  • ilsen

    The crime rate in Argentina does not escape the unfortunate reality of Latin America. In fact, the 2013-2014 UN Regional Human Development Report indicates that Argentina’s per capita theft rate is the highest on the continent, close to 1,000 (973 exactly) annually per 100,000 people.

    Just sayin'...

    Sep 21st, 2014 - 02:31 pm - Link - Report abuse 0
  • golfcronie

    And will no doubt get worse as the judicial system can be bought. If Boudou can get away with it all these years something must be wrong. Christ can they not clear up all this corruption or is the whole country guilty of it.

    Sep 21st, 2014 - 02:50 pm - Link - Report abuse 0
  • owl61

    The crime rate figures are hard to calculate because so many crimes go unreported to the police authorities. It's generally a waste of time especially in BA.
    Having lived in both Rio (notorious for crime) and BA, I would say street crime is more prevalent in BA than in Rio and it is getting worse. Whether this has to more to do with liberal immigration policies or weakening economic conditions, or both, is unclear to me, but I've noticing what appears to be an increase in motochurros grab and runs on BA streets than what I had seen throughout the decades I've been in BA.

    Sep 21st, 2014 - 04:40 pm - Link - Report abuse 0
  • toooldtodieyoung

    “I'm not sure why we're even listening to this,” said Circuit Judge Reena Raggi. “Your client is the person or entity holding the gun to Ms. Wagner's client's head”

    She should have stopped after her first sentence really.

    Everyone else was thinking it, she was just saying it.

    Sep 21st, 2014 - 06:38 pm - Link - Report abuse 0
  • ElaineB

    Why is CFK staying so long in New York? Her scheduled meetings would take a day tops for anyone else. I hope the Argentine press is following her shopping trips.

    Sep 21st, 2014 - 07:06 pm - Link - Report abuse 0
  • toooldtodieyoung

    21 ElaineB

    I just hope she can remember all the PINs to her off shore bank accounts.

    And I hope she can spend the money before Singer can get hold of it, otherwise there really will be nothing left........

    Sep 21st, 2014 - 08:06 pm - Link - Report abuse 0
  • ilsen

    I'm glad you get what I'm saying.
    Good point.
    *wonders how Flor-polish is paying for her Apartment in NYC*

    Sep 21st, 2014 - 10:10 pm - Link - Report abuse 0
  • Captain Poppy

    Elaine the stores go to her suite when she shops. As long as she has u$ they will continue.

    Sep 22nd, 2014 - 12:03 am - Link - Report abuse 0
  • ElaineB

    Yeah, I know how the rich shop. Any good investigative journalist would have the inside on who is visiting her suite and with what.

    Sep 22nd, 2014 - 08:11 am - Link - Report abuse 0
  • Leiard

    “The government summoned the BoNY to resign and transfer the funds to the bondholders”

    Sep 22nd, 2014 - 03:41 pm - Link - Report abuse 0
  • Bombadier Spoon

    Elaine, hi again. Just to go off topic but do you or anybody else know good south american wine. The missus birthday is coming up and I have found these. Both have had good reviews. She likes wine from both Argentina and Chile. Or can you or someone else name better. Bare in mind my budget is £75. I don't need to spend all that on a bottle. Its just my budget as this is a secondary present. These are the two I have found.

    Monte Alpha M 2010 Bordeaux Red Chile or
    Bodegas Y Vinedos Mauricio Lorca Inspirado 2008

    Sep 22nd, 2014 - 05:08 pm - Link - Report abuse 0
  • Captain Poppy

    You can find good Argentine wines (rated well over 90) for under $ least in the USA.

    Sep 22nd, 2014 - 06:51 pm - Link - Report abuse 0
  • golfcronie

    I am still waiting for someone, anyone to explain 4 exchange rates in Argentina

    Sep 22nd, 2014 - 09:24 pm - Link - Report abuse 0
  • Captain Poppy

    Only an Argentine Economic wizard can explain that one.

    Sep 23rd, 2014 - 12:23 pm - Link - Report abuse 0

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!