MercoPress. South Atlantic News Agency
Citigroup to exit custodial business in Argentina following ruling from Judge Griesa
Citigroup Inc announced on Tuesday it plans to exit its custodial business in Argentina as soon as possible, after a US judge refused to lift an injunction that blocked the bank from processing interest payments on 2.3 billion of Argentina bonds, issued under Argentine law. Read full article
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Disclaimer & comment rulesWell that was easy!
Mar 18th, 2015 - 11:22 am - Link - Report abuse 0The Argentineam government always makes out that everything will be a drama...... it is all terribly anticlimactic.
Not so easy yet. Remember that Citigroup has been in argieland since 1917. It will have taken on the 'colour' of the 'country'. So the injunction must be continued until Citigroup can no longer process anything by the corrupt and criminal. Why would it need a 'stay' unless it was planning to pull a fast one?
Mar 18th, 2015 - 12:55 pm - Link - Report abuse 0Now we see if Sillyoff has a plan B.
Mar 18th, 2015 - 04:13 pm - Link - Report abuse 0Bye-bye.
Mar 18th, 2015 - 05:22 pm - Link - Report abuse 0Citi may want to divest but they'll have to find someone to sell to or to take the current clients by eom. I don't see Griesa giving them any leeway on the order.
Mar 18th, 2015 - 05:34 pm - Link - Report abuse 0I really hope they leave and this is a good way to do it.
They lose a lot of U$ in Argentina and the legacy means nothing.
Get out while the getting is still possible...
Hon. Thomas Griesa must have explained Citibank: “Sorry guys, but holding the other Argentina creditors from getting their due money hasn't been enough--we need to increase the pressure.”
Mar 18th, 2015 - 07:23 pm - Link - Report abuse 0And so the saga continues, with Griesa preventing Argentina from making its legitimate debt servicing payments to creditors representing 93 per cent of its foreign debt unless the Republic pays a fraction of the 7 per cent--the holdout creditors known as vultures.
Let's remember that the vultures are not regular investors. They buy bonds for pennies on the dollar from countries in really bad situations, as Argentina was after its default of 2001--and then seek help from legal courts to enforce payment of 100 per cent of the bonds face value.
Such scheme worked wonders with countries such as Peru and Republic of Congo--because of their own circumstances they paid the vultures quietly--but has encountered unexpected resistance from Argentina.
Not only Argentina refused to pay the vultures, even as pushed to a “technical default” by Griesa and company--it has exposed the vultures' tactics in international forums for what they are.
Not an easy ride for pack leaders Paul Singer and his NML Capital.
Yes Enrique.
Mar 18th, 2015 - 08:44 pm - Link - Report abuse 0Increase the pressure.
What is Argentina going to do about it? Seemingly nothing. Please adjust your expectations accordingly.
@ 6
Mar 18th, 2015 - 09:12 pm - Link - Report abuse 0“Not an easy ride for pack leaders Paul Singer and his NML Capital.”
You are one stupid bugger, that IS for certain.
It would surprise me if those names put together do not have more liquidity than TDC presently given that most of the “money” claimed to exist by TMBOA is in scrip and not in greenbacks. It's nothing more than promises by TDC and we all know what they are worth, don't we? NADA.
Do you not realise that Singer is PLAYING with TDC and enjoys every minute whilst his team get ever closer to grabbing the hard assets of TDC to liquidate for themselves.
Have you thought of undergoing a lobotomy, it would improve your intelligence to that of an imbecile?
The government apparently plans on seizing money. ;)
Mar 18th, 2015 - 11:00 pm - Link - Report abuse 0http://www.buenosairesherald.com/article/184670/kicillof-citibank-has-incriminated-itself
The only reason these idiots on here support the actions of Singer & Co is because it is against Argentina...if it was their own country that was being pursued by these Vultures their support would evaporate.
Mar 18th, 2015 - 11:52 pm - Link - Report abuse 0Try and justify it all you like...but don't lie to yourselves....you know it is wrong...
Enforcing a contract is not wrong. The law is unemotive.
Mar 19th, 2015 - 07:47 am - Link - Report abuse 0If you don't like a contract then don't sign it. But don't cry foul when someone enforces what you agreed to.
Being a contrarian doesn't make your logical.
Exactly Skip...don't gamble with your savings...read the small print, investments will go down as well as up, your money is at risk is the gist of what it says...
Mar 19th, 2015 - 11:41 am - Link - Report abuse 0Blame the investment companies that will risk your savings without a second thought in their pursuit of profit...
I have no sympathy for gamblers at all...
That is fairly logical...
People have to be pretty dumb to equate a sovereign bond with gambling. A bond is a contract, legally enforceable in its jurisdiction, so you must consider the language and the credit worthiness of the entity issuing the bond to see if it fits your risk profile.
Mar 19th, 2015 - 11:56 am - Link - Report abuse 0Investors expect and can demand that the contract be enforced if it is feels like it is not.
As I have said for many years this is simple NY contract law that's been established for over 200yrs.
I don't understand why the dimwits on this board don't get it.
So it wasn't a risk buying junk bonds and relying on enough financial and political clout to pursue the enforcement through International courts...?
Mar 19th, 2015 - 12:55 pm - Link - Report abuse 0There is no such thing as a safe bet...
All investment is gambling bonds are no different...circumstances always change....
It was calculated risk based on contract verbiage.
Mar 19th, 2015 - 01:05 pm - Link - Report abuse 0He won
He will be paid
The interest and penalties keep accruing every day.
Investments is not gambling it is not blind risk.
You're a very sad sack.
Always bringing down the tone of the conversation with nonsense.
Grow up.
“Investments is not gambling it is not blind risk. ”
Mar 19th, 2015 - 01:13 pm - Link - Report abuse 0I suppose that is why so many banks and investment companies go bust...
Have you ever invested anything...read the small print...says it all...
Investment is totally safe according to Realtor Fred the financial wizard...
You do talk such shite...
Sistah, I'm not even going to waste my time. If you are old enough to type you should know the difference between and investment and gambling.
Mar 19th, 2015 - 01:20 pm - Link - Report abuse 0But you grew up poor and low class you'll die poor and low class.
It has no bearing on my life.
You're a sad sack.
Go bother someone else
loser.
Typical response from the stupid Yank when he can't refute the simple statement...
Mar 19th, 2015 - 01:25 pm - Link - Report abuse 0...........INVESTMENT INVOLVES RISK..........
I usually take all my financial advice from a Waiter/Realtor..........NOT!...;-)))
So Citi sees exit as its only option. But a senior Argentine government source told Reuters that The Republic won't allow Citigroup to leave.
Mar 19th, 2015 - 06:29 pm - Link - Report abuse 0”There is no way we will let them exit their (custody) business,” said the official.
Argentina insists that the bank distribute funds to most of Argentina's creditors. A US court ruling prevents Citi from doing that.
Read more: http://www.businessinsider.com/argentina-wants-to-hold-citigroup-hostage-2015-3#ixzz3UrEJyeUX
Yes, investment involves risk.
Mar 20th, 2015 - 08:24 am - Link - Report abuse 0Seems Argentina tried to play that card..... and how is that working out? Bahahahahaha
Idiot child Enrique Massot
Mar 21st, 2015 - 03:00 am - Link - Report abuse 0you have been shown, that NML paid more on the dollar than Argentina.
Why do you continue telling stupid lies?
Obviously because you are an idiot child.
Calling the holdout bond owners “vultures” proves that you are an idiot child.
Vultures feed on rotting corpses, thus holdouts “vultures” means that Argentina is a rotting corpse.
@ 6
Mar 23rd, 2015 - 02:56 pm - Link - Report abuse 0Enrique
The old senile Judge has changed his mind again, read this :
http://www.reuters.com/article/2015/03/23/us-argentina-debt-citigroup-idUSKBN0MI0N120150323
Hope you like it.
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