MercoPress. South Atlantic News Agency
Griesa rejects Citigroup petition to allow payment of bonds issued under Argentine law
New York district judge Thomas Griesa has declined a request from the Citigroup bank to allow the entity to process the payment of Argentine bonds under local law while an appeal against the magistrate's negative ruling is being prepared. Read full article
Comments
Disclaimer & comment rulesWhat will Citigroup do now?
Mar 17th, 2015 - 09:43 am - Link - Report abuse 0If they have any sense they'll get the hell out of Argentina and stay out.
A pox on ShitiBank.
Mar 17th, 2015 - 11:11 am - Link - Report abuse 0Citi will no violate Griesa's orders. All they can do is appeal and beg understanding of their circumstances.
Mar 17th, 2015 - 01:02 pm - Link - Report abuse 0I think its an elegant way for citi to exit the kleptocracy.
Mar 17th, 2015 - 01:26 pm - Link - Report abuse 0Maybe that was their intention the whole time.
They will not exit the kleptocracy. Neither do they want to.
Mar 17th, 2015 - 02:21 pm - Link - Report abuse 0Said this the other day. Go down to your bank and explain that, due to unforeseen circumstances, you cannot make repayments on your loan and actually need more money. 'Tough' says the bank. So Citigroup 'might ' lose its licence. 'Tough'. Should have thought a bit more before working for a corrupt, criminal 'government'. Citigroup has been in argieland since 1917. Plenty of time to understand how bent the place is.
Mar 17th, 2015 - 02:39 pm - Link - Report abuse 0It's confirmed Citigroup are going to exit the custody business in Argentina prior to the 31/3 deadline:
Mar 17th, 2015 - 03:31 pm - Link - Report abuse 0http://www.buenosairesherald.com/article/184575/citigroup-to-exit-argentina-custody-business
One nil Griesa.
Mar 17th, 2015 - 04:51 pm - Link - Report abuse 07. That might solve an immediate problem for Citi but not for Argentina. I can't think of 1 bank in Argentina that doesn't have USA branches or use the US Fed in some way.
Mar 17th, 2015 - 05:18 pm - Link - Report abuse 0Griesa is just doing Argentina a favor, no nation should borrow money if they can help it. Bonds are just a way to make futures generations to pay for ever. No borrowing, no bonds, not problems in the future.
Mar 17th, 2015 - 07:29 pm - Link - Report abuse 0@6
Mar 17th, 2015 - 07:41 pm - Link - Report abuse 0Right, they'be been here since 1917. They know what they are dealing with and they kinda like it. Even if they have to close some portion of the business, they'll stay. Lots of money to be made.
At December 31, 2013, Citi had cumulative translation losses
Mar 17th, 2015 - 07:56 pm - Link - Report abuse 0related to its investment in Argentina, net of qualifying net investment
hedges, of approximately $1.30billion (pretax), which were recorded
in stockholders’ equity. The cumulative translation losses would not be
reclassified into earnings unless realized upon sale or liquidation of Citi’s
Argentine operations.
I bet they are looking for a way out of that horrible place.
Just a bet
haha
They were also in trouble 14 years ago. They're still here. Don't be naive.
Mar 17th, 2015 - 08:01 pm - Link - Report abuse 0@12 yankeeboy
Mar 17th, 2015 - 08:07 pm - Link - Report abuse 0If it is so horrible, why are you there?
The current Argentine government is directly trying to service their qnation's debt with honor, dignity, fairly and justice. Yet, despite all her good will and enormous efforts that have caused a brutal sacrifice of the Argentinian people, she is now being blocked from making payments to bond holders due to a carefully coordinated conspiracy led by Argentina's enemies, using their stooges including the International Monetary Fund managing director Christine Lagarde, Paul Elliott Singer, owner of the vulture hedge fund Elliott Management Corporation, and Thomas Griesa, a federal judge for the United States District Court. All carefully orchestrated by an unduly influential elite cabal that operates through many front organizations financed by the Rothschilds.
Mar 17th, 2015 - 08:15 pm - Link - Report abuse 0Cristina should learn from her errors and form a new economical bond issuing alliance, that will offer the confidence for future bond purchasers to know that their financial security is not in the hands of the outrageously corrupt American courts.
Imagine a new world order, with a international Andean bond assurance organization, made up by Ecuador, Bolivia, Venezuela and Argentina. Each member would cross collateralize each other's debt, and all legal issues would be determined at their organizational headquarters at Isla Margarita.
@15 Chicureo
Mar 17th, 2015 - 08:18 pm - Link - Report abuse 0has your account been jacked?
Please send over whatever it is you're smoking.
Good one.
@15
Mar 17th, 2015 - 08:21 pm - Link - Report abuse 0Well put it!
@17
Mar 17th, 2015 - 08:30 pm - Link - Report abuse 0doing any paco lately?
You're new here, right?
I escaped the horrors of Argentina many years ago. I peacefully reside in the richest most powerful country in the world.
Mar 17th, 2015 - 08:48 pm - Link - Report abuse 0TF, 14yrs ago there was hope the KThugs would play by Int'l rules and straighten out the country. Obviously that hasn't happened. I think if you get a K or Klite in as your next Regime you'll see most Int'l companies pack up for good.
Just like they've done in Venezuela.
No, I rather really like the idea...
Mar 17th, 2015 - 09:13 pm - Link - Report abuse 0I plan to appoint myself as chairman of the newly formed IABAO (the international Andean bond assurance organization) and which my first responsibility will be to pick out the female staffers, that will be exclusively selected from former Miss Venezuela contestants.
Since it's an island, I'll need a super yacht to safely transport my staff. I'm thinking one of those practical 50 meter models with the helo deck and 6 meter pool. (Nothing extravagant...)
Isla Margarita is perfect as it's within reasonable sailing to my future island accounts in like the British Virgin Islands and Grand Cayman Island.
Oh drat, getting low on my current bottle of Cabernet Sauvignon... Have to go and open another. ¡Viva la revolución!
Amen Tovarich!!!
Mar 17th, 2015 - 10:35 pm - Link - Report abuse 0We fellow communists remember that all animals are equal, but some are even more equal...
Mar 17th, 2015 - 11:57 pm - Link - Report abuse 0Is there a rotting roadkillian that isn't a Kswine/perronist dog troll?
Mar 18th, 2015 - 12:36 am - Link - Report abuse 0Smack smack Argentina.
Mar 18th, 2015 - 01:03 am - Link - Report abuse 0Norty norty!
Let's remember once more that Justice Thomas Griesa ruled against Argentina based on a controversial interpretation of the pari passu clause that was upheld by all levels of the U.S. judiciary.
Mar 18th, 2015 - 04:39 pm - Link - Report abuse 0Let's also remember that Griesa's move last summer was to keep hostage Argentina's restructured creditors holding 93 per cent of the country's foreign debt in order to force payment to a small part of the remaining 7 per cent (the vultures, lead by Paul Singer's NML Capital).
Griesa blocked debt servicing payments to that large majority of bondholders but allowed three times Citibank to make its own payments.
Now that Argentina still stands firm in refusal to Griesa's maneuver, he increases pressure by adding Citibank to the list of hostages.
This won't work either, Monsieur le Judge. The prize was big but the prey was too tough. Too bad, Paul.
25. Wow you' re so delusional. Do you have unicorns in your back yard too?
Mar 18th, 2015 - 06:00 pm - Link - Report abuse 0What a silly silly fool you are...
26. lol. PRECISELY.
Mar 18th, 2015 - 06:19 pm - Link - Report abuse 025 Enrique Massot (#)
Mar 19th, 2015 - 01:49 pm - Link - Report abuse 0Mar 18th, 2015 - 04:39 pm
His Honour Judge Griesa's “maneuver” is to apply New York State contract law. That is all he has done since first taking this case. During the first few years his decisions were mostly in Argentina's favour, it is only since CFK and Kicillof started ranting about not accepting his decisions that he has hardened against the Argentine republic.
@28 Simon68
Mar 19th, 2015 - 03:59 pm - Link - Report abuse 0Exactly.
http://panampost.com/belen-marty/2015/03/18/argentina-the-next-venezuela-style-dictatorship/
Mar 19th, 2015 - 06:34 pm - Link - Report abuse 0She also fears that an unholy alliance between populist governing elites in Cuba, Venezuela, and Argentina, is more alive than ever: spelling bad news for ordinary people across Latin America.
Brave lady
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