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Montevideo, March 22nd 2019 - 14:32 UTC

Argentina asks Citigroup how it will react to Judge Griesa' decision

Thursday, March 19th 2015 - 08:01 UTC
Full article 29 comments
“There were comments about removing their license to operate in Argentina, because that’s what Citibank told Griesa,” Minister Kicillof stated. “There were comments about removing their license to operate in Argentina, because that’s what Citibank told Griesa,” Minister Kicillof stated.

Argentine Economy Minister Axel Kicillof has revealed the government sent a letter to Citigroup asking how the bank will react, after New York district judge Thomas Griesa decided not to kill an injunction that blocked Citi from processing interest payments on 2.3 billion dollars of Argentina bonds, under Argentine law.

 Kicillof said the letter was sent to avoid uncertainty about Citibank’s actions.

“We don’t know what they want to do and what they will do, so the Economy Ministry asked them, in order to avoid uncertainty,” he told reporters today during the launch a consumers' promotion program.

The bank has portrayed itself as an innocent third party stuck with an untenable choice between ignoring Griesa, and putting its Argentina banking license in jeopardy.

“There were comments about removing their license to operate in Argentina, because that’s what Citibank told Griesa,” the Minister stated.

“I would say they have already incriminated themselves in a crime that they did not yet commit,” he added.

“You [Citibank] are an Argentine business, subject to Argentine banking law,” concluded Kicillof, echoing Tuesday's statements, when he warned the bank that breaking Argentine law would have its consequences.

Economy Minister Axel Kicillof has reminded Citibank that breaking Argentine law “has consequences”, while accusing New York district judge Thomas Griesa of “looking after vulture funds’ interests.”

On Tuesday Citigroup said it plans to exit its custodial business in Argentina as soon as possible, after Griesa refused to lift an injunction that blocked the bank from processing interest payments on Argentina bonds.

Argentina had previously threatened Citibank with severe sanctions, including suspending the bank’s licence to operate in Argentina, as it did with the Bank of New York (BONY) when it decided to obey Griesa’s ruling above Argentine laws.

Categories: Economy, Politics, Argentina.

Top Comments

Disclaimer & comment rules
  • willi1

    in december kic-ill and his gang members will be thrown out of power to follow up their craziness. until that time citi can find a way to survive.

    Mar 19th, 2015 - 08:23 am 0
  • HansNiesund

    '“I would say they have already incriminated themselves in a crime that they did not yet commit,” he added.'

    You've got to hand it to Argentina for this great leap forward in judicial thinking.

    “Minority Report' is a a 2002 American neo-noir science fiction mystery-thriller film directed by Steven Spielberg. It is set the year 2054, where ”PreCrime“, a specialized police department, apprehends criminals before they've ever committed a crime, based on foreknowledge provided by three psychics called ”precogs”. The film is a combination of whodunit, thriller and science fiction.

    It's fiction in the rest of the world, but it's reality right here in Argentina!

    Step forward, Tobi, and take a bow!

    Mar 19th, 2015 - 08:31 am 0
  • Chicureo

    Before they fall upon their sword, changing their undergarments would be appreciated. All they can really do is try and somehow survive the final administration of CFK and pray the electorate will recover its sanity...

    Mar 19th, 2015 - 10:25 am 0
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