Griesa calls for new hearing on Citibank injunction request to pay Argentine bonds

Tuesday, September 23rd 2014 - 05:54 UTC

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Citibank claims Argentina has threatened civil and criminal sanctions, if it fails to pass the interest payments to bond holders

New York district judge Thomas Griesa has called a new hearing this Friday, after Citibank requested an injunction in order to honor a payment on Argentine bonds held under local legislation and in foreign currency.

Last Friday the judge clarified that whatever decision he made would take into account the fact that titles under Argentine law “have a completely different treatment to those bonds under foreign law,” referring to the ruling Griesa previously handed down blocking payment to the holders of bonds restructured in 2005 and 2010.

This could be a signal that the blockade on Argentina's debt commitments could be partially lifted, following the decision of the New York Second District Appeals Court to declare itself incompetent to rule on Citibank's appeal, returning the case to Griesa.

Citibank claims Argentina has threatened civil and criminal sanctions, including the possible nationalization of Citibank Argentina, if it fails to pass the interest payment to holders of 8.4 billion in U.S. dollar-denominated bonds issued under Argentine law and payable locally.

Citibank said it will obey the court order. Karen Wagner, a lawyer for the bank with Davis Polk & Wardwell, appeared before Griesa last Friday “to apprise court of activities Citibank intends to pursue next week,” according to court records.

Categories: Economy, Politics, Argentina, United States.

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Idlehands
Go on Argentina. Nationalise Citibank - I dare you.
Sep 23rd, 2014 - 09:15 am 0
chronic
Maybe, just maybe - rotting roadkill will swallow Shitibank and then choke on it. We can always hope. Yes?
Sep 23rd, 2014 - 04:31 pm 0
ChrisR
Does anybody GAF about a US bank dug like a bloodsucking tick into the skin of the animal known as Argentina?

I had always imagined that US banks knew what they were doing until they fucked the world economy with the mortgage crap but clearly I was wrong.

So the main bank will see a blip at most on the bottom line when they close the argie branch, so WTF?
Sep 23rd, 2014 - 06:24 pm 0

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