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Argentina blasts Judge Griesa ruling blocking Citigroup from paying bonds issued under local law

Sunday, March 15th 2015 - 00:54 UTC
Full article 28 comments

A release from the Argentine Economy Ministry considered US Judge Thomas Griesa's ruling issued on Thursday “a shameful excess of jurisdiction”. Judge Griesa blocked Citigroup Inc from processing interest payments by Argentina on some bonds issued under the country's law. Read full article

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  • yankeeboy

    I hope hope hope this idiot revolks Citi's ability to do banking in Argentina. Citi will write everything off, it will have no material effect on its bottom line and they'll be done with this horrible country for good.

    I can't understand why Austral Elvis doesn't understand that Argentina lost, EVERY SINGLE TIME they went to court. EVERY SINGLE TIME up to SCOTUS.
    So logically ( RGS aren't logical I know) Griesa has been right EVERY SINGLE RULING.

    Pay up deadbeat scofflaws
    pay up

    losers.

    Mar 15th, 2015 - 01:31 am - Link - Report abuse 0
  • Troy Tempest

    ““Judge Griesa's order violates again basic legal principles, making clear his decisions are not based on the law but on his evident partiality against Argentina,” the ministry said in a statement released Friday afternoon.”

    What “legal principles” did the JUDGE violate?

    Anyone?? Alberto?? Alberto, get you head out of that cabbie's book. Any relevant thoughts?

    Mar 15th, 2015 - 01:39 am - Link - Report abuse 0
  • ilsen

    Does Austral Elvis still want to 'negotiate' ?

    When will he accept the fact that they lost?

    What is wrong with these people?

    They seem to have a serious problem with accepting responsibility for their actions.

    Mar 15th, 2015 - 03:20 am - Link - Report abuse 0
  • downunder

    3 ilsen(#)
    “They seem to have a serious problem with accepting responsibility for their actions.”

    Agreed. Argentina’s behaviour is like the behaviour of a derelict that is brought before the court and is given into the custody of a gaoler or rehabilitation unit with conditions attached. The courts actions may not suit the derelict; they may be inconvenient, restrictive and, in the addled mind of the derelict, seem illogical. The derelict may whine and complain about his lot but thats what happens when you lose control of your life.

    Likewise Argentina has lost control of its finances and is now at the mercy of foreign jurisdictions. They can squeal and cry foul and fret about their precious sovereignty being violated, but that’s what happens when you lose control of your finances. The Pope is correct in his assessment of them.

    Mar 15th, 2015 - 06:40 am - Link - Report abuse 0
  • Conqueror

    @1-4. All quite correct. But look at the photo. Shall we guess what 'Elvis' does with that finger?

    Mar 15th, 2015 - 11:45 am - Link - Report abuse 0
  • chronic

    rotting roadkill:

    Pay you debts.

    Mar 15th, 2015 - 02:37 pm - Link - Report abuse 0
  • willi1

    that bloody stupid poodle of the kirchner is brainwashed and doesn´t know what he talks.
    equivalent to the us minister Colin Paul who said that “iraq has weapons of mass destruction and we must make a war.” that was a bloody lie and he was the poodle of bush.

    http://www.welt.de/geschichte/article113393685/Als-Colin-Powell-seine-ungluecklichste-Rede-hielt.html

    Mar 15th, 2015 - 03:26 pm - Link - Report abuse 0
  • chronic

    Elvis, you need to get a proper economics education. Wait. It's headed your way!

    Mar 15th, 2015 - 06:54 pm - Link - Report abuse 0
  • Porto Margaret

    More squealing from this ninny. It's as if he thinks his high pitched squealing will change anything.

    Judge Griesa holds all the aces, always has . This ninny plays like a donkey.

    Mar 15th, 2015 - 08:36 pm - Link - Report abuse 0
  • Jo Bloggs

    By a tie, shave off those ridiculous side burns and pay up.

    Mar 15th, 2015 - 09:36 pm - Link - Report abuse 0
  • Enrique Massot

    The vultures succeeded getting millions from Peru, Republic of Congo and other impoverished countries.
    Therefore, Paul Singer thought, there is no reason not to get a few billions from Argentina.
    So he bought junk bonds for pennies on the dollar shortly after the country's default in 2001, and then set up to recover 100 per cent of the bonds, first through lawsuits throughout the world, seeking to seize Argentine assets such as embassy buildings, aircraft, and even succeeded seizing for a few weeks the school-vessel Libertad.
    Then Singer got Judge Thomas Griesa (and all the upper levels of the U.S. justice) to help repossessing his dues.
    Tough luck.
    The current government happens to believe it serves its citizens in the first place. It just refused to pay Singer and company. Unbelievable. Frustrating. Embarrassing even.
    Past the time to send cannon boats, what to do?
    Tell you what, Mr. Singer. Do what most Argentine bondholders did. Sit down and negotiate a similar haircut on your bonds. You still make a killing, walk away with your money and stop spending a bunch on legal fees.

    Mar 16th, 2015 - 06:20 am - Link - Report abuse 0
  • chronic

    Pay your debts, rotting roadkillians. Deadbeats. lol.

    Mar 16th, 2015 - 07:01 am - Link - Report abuse 0
  • Troy Tempest

    11 Enrique

    “So he bought junk bonds for pennies on the dollar shortly after the country's default in 2001, and then set up to recover 100 per cent of the bonds”

    Enrique,

    You call them “junk bonds”??
    How did they become “junk” ?

    Whose fault is it?

    Argentina's of course!!
    Who else??

    A bond is a contract to pay back a LOAN.

    ARGENTINA thought, “ we can get away with telling people they will receive 30 ”pennies on the dollar” for their bonds.

    In other words, the 93% of Bondholders who succumbed to the extortionate ultimatum, lost 70% of their money - nearly $70b !!

    Put another way - ARGENTINA kept nearly $70b of OTHER PEOPLE'S MONEY.

    Embarrassing, dishonest, and unprincipled.

    Argentina - pay your debts!!

    Mar 16th, 2015 - 08:37 am - Link - Report abuse 0
  • Klingon

    The bonds became junk when Argentina defaulted in 2001.
    Question: Who actually pays the court for all their time wasted on this?
    If Singer actually gets his billions, he is only going to stash it away in some tax haven, so it is no advantage for the US taxpayer to foot the bill for all this.

    Mar 16th, 2015 - 09:46 am - Link - Report abuse 0
  • Pete Bog

    “Judge Griesa's order violates again basic legal principles, making clear his decisions are not based on the law but on his evident partiality against Argentina,”

    Argentina's diplomacy at its finest, but unlikely to have any effect against Greisa.

    @5 Conqueror
    ”Shall we guess what 'Elvis' does with that finger?”

    Poke Salad Annie?

    Mar 16th, 2015 - 10:24 am - Link - Report abuse 0
  • ilsen

    @11 Enrique
    But Singer has not done anything illegal.
    It is Argentina that has defaulted and broken the law. It is Argentina that is the crimminal.
    Pay your debts and this won't happen.
    Bloody junk-bond nation!

    Mar 16th, 2015 - 11:51 am - Link - Report abuse 0
  • Moderator

    @ Enrique

    Enrique, You try to make polite and civilized comments, only to be insulted and rudely offended by this bashing mob. No-one of this bullying party is going to give you a decent answer. I dont understand why you still bother.

    By the way I do own restructered (-70%) Argentian bonds, do you?
    I have not received any intrest payments latety thanks to Mr. Singer, your jewish bloodsucking hero.

    Now if the bashing mob wishes to reply pls include your favorites from your vocabularies (?) Idiots, rotting roadills, bloody junk nation, criminals, deadbeats bloody poodle, braindead asshole etc!
    I can't wait.

    Mar 16th, 2015 - 01:07 pm - Link - Report abuse 0
  • Simon68

    11 Enrique Massot (#)
    Mar 16th, 2015 - 06:20 am

    As a matter of a fact, Singer paid exactly the same as we paid those investors who accepted the haircut, 30 cents on the dollar.

    The other side of the moneda is that Singer is attempting to make a 1600% profit on the deal which coincides with the Kirchner's profit since being employed by the people of, first Santa Cruz and secondly Argentina.

    It strikes me that if Singer is a vulture then the Kirchners are also!!!!!

    Mar 16th, 2015 - 01:52 pm - Link - Report abuse 0
  • yankeeboy

    17. Nice bit of published racism.
    Don't expect a interest payment until sometime in late 2016/17. You'll probably getting a new bond before you get an interest payment.

    Quique, You know full well its Argentina that won't negotiate payment terms. Why on earth would anyone negotiate a judgement they won all the way up to SCOTUS. That would be foolish.

    Pretty soon we should see the list of Rg assets outside of Argentina that can be seized. I can't wait to see Singer throw the bums out of their property. I will laugh and laugh.

    Mar 16th, 2015 - 01:52 pm - Link - Report abuse 0
  • ilsen

    @17
    You forgot 'anti-semite' too.

    Which is important, as it is exactly where you lost the argument.

    Mar 16th, 2015 - 02:00 pm - Link - Report abuse 0
  • yankeeboy

    18. The way the Kthugs NarKos have made their fortune would have put them in a jail in a civilized country.
    There's still time tho...

    Mar 16th, 2015 - 02:03 pm - Link - Report abuse 0
  • chronic

    The market tends to correct abberant behavior.

    In the case of rotting roadkill, Singer is the instrumentality of that market correction and Singer's dispensing of punishment is wholly consistent with those dynamics. This punishment - even if it fail to dissuade rotting roadkill's current/future behavior - serves as an example to other similar situated economies to demonstrate the results of imprudent action.

    The market rewards prudent behavior. The strides that Germany has made reflect these priniples in operation and their positive outcomes.

    Greece is reaping the market's judgement on their failure to effectively implement their own tax policy and the falisification of their economic data to the EU and lenders.

    You reap what you sow. Sow good things.

    Mar 16th, 2015 - 06:26 pm - Link - Report abuse 0
  • Briton

    I don't think they will ever pay.

    Mar 16th, 2015 - 07:46 pm - Link - Report abuse 0
  • chronic

    rotting roadkill doesn't have to pay, but it will barred from cost effective market based borrowing until it does pay. And this is as it should be.

    Singer has taken some terrible risks and there is no assurance that he will recoup anything at all. If he reaps a huge return, it is only appropriate in consideration of the risk that he has shouldered. The market judges and rewards or penalizes participants for their actions therein. Nothing - repeat nothing - changes this over the long term.

    Choose your actions accordingly.

    Mar 16th, 2015 - 09:16 pm - Link - Report abuse 0
  • Enrique Massot

    22 chronic
    In fact, Paul Singer attacked a prey too tough this time. The noise around the whole affair has put the world on notice about his predatory practices, while other countries paid Singer without protest. International anti-vulture legislation now on the works could be the best possible outcome, preventing future action of these parasits of the international finance.

    Mar 17th, 2015 - 03:12 am - Link - Report abuse 0
  • chronic

    Lol. The rotting roadkillians seem to be enjoying the process a lot less than Singer.

    Mar 17th, 2015 - 03:25 am - Link - Report abuse 0
  • ilsen

    @25
    aah, but it is not retro-active.
    Argentina must still pay what it agreed to when it signed-up to New York Jurisdiction over the Bonds.
    Pay up, or forever be a pariah, who will have to borrow at ever increasingly extortionate rates.
    Your fault, your call.

    Mar 17th, 2015 - 03:25 am - Link - Report abuse 0
  • chronic

    It's unlikely that rotting roadkill and other third world countries will be able to borrow significant sums in the market under the proposed terms at any rate. The risks under cbc clauses and populist refutation is prohibitive.

    Mar 17th, 2015 - 03:48 am - Link - Report abuse 0

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