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New York Court of Appeals delays decision on Argentina's contempt of court

Wednesday, March 25th 2015 - 07:30 UTC
Full article 7 comments
Judge Griesa moved against Argentina due to its refusal to pay 1.35 billion dollars plus interest and penalty charges to the hedge funds Judge Griesa moved against Argentina due to its refusal to pay 1.35 billion dollars plus interest and penalty charges to the hedge funds

The New York Court of Appeals has decided to push back its decision on Argentina for another week, as the Cristina Fernandez administration seeks to overturn the contempt ruling imposed by judge Thomas Griesa in the ongoing conflict against holdout investors.

 As a result of the delay Argentina will remain officially in contempt of court until March 31, the date on which the audience will be reconvened.

Griesa handed down the ruling on request of the plaintiff hedge funds led by Paul Singer's NML Capital, who seek full payment of bonds not restructured during the 2005 and 2010 debt swaps.

The judge moved against Argentina due to its refusal to pay 1.35 billion dollars plus interest and penalty charges to the hedge funds, which Argentina calls 'vultures'.

Likewise because Argentina has attempted to bypass restrictions on servicing restructured debt by changing the jurisdiction from New York to Buenos Aires.

The latest appeal marks the third time Argentina has appeared before the higher court during the lengthy legal conflict against the holdouts. So far, the Appeals Court has thrown out every one of Argentina's petitions.

Categories: Economy, Politics, Argentina.

Top Comments

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  • ilsen

    Still 'in contempt' of a Court they willingly agreed the juridiscation of when desperate for cash but fight when the accounts come due.

    Sneaky, underhand and untrustworthy. I hope no-one ever lends them money ever again.

    Mar 25th, 2015 - 11:51 am 0
  • yankeeboy

    Argentina's track record on every single judgement is a loss.
    They will lose this one too

    I can't wait to see what the penalties are and whom they are directed to...

    Mar 25th, 2015 - 12:39 pm 0
  • Conqueror

    @2. As I read it, the contempt is indirect. But, aside from refusing to comply with the orders of the court, argieland is also guilty of various other contempts by publicly abusing the court. Wouldn't it be reasonable to have both civil and criminal penalties? So let's call it US$50,000 per day from the date of the order. Then there's the criminal aspect for publicly abusing the court. How about 6 months' imprisonment for each offence? Wouldn't it be hilarious if Kicilloff, Timerman and others couldn't travel to the any United States territory because a US Marshal would be waiting for them? 'Diplomatic privilege' not recognised. “Sorry Senor Kicilloff, your status is not recognised by the United States. Still, it's only three years”.

    Mar 25th, 2015 - 02:22 pm 0
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