MercoPress. South Atlantic News Agency
Holders of Argentine Euro bonds demands BONY services debt or faces lawsuit
Investors holding euro-denominated Argentine bonds, including billionaire George Soros, called on trustee Bank of New York Mellon yesterday (BONY) to turn over its duties to state-owned Banco Nación so they can get paid the 225 million euros currently frozen by United States District Judge Thomas Griesa’s orders. Read full article
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Disclaimer & comment rulesKickitoff: the thinking mans whore of last resort.
Oct 24th, 2015 - 11:17 am - Link - Report abuse 0What a complete fuck-up of the economy has this idiot and TMBOA made over the period of his “rule” as Economy Minister.
As I recall, Griesa ruled that argieland had to pay the “hold-outs” at the same time as other creditors. It wasn't a ruling directed solely at BONY. Just Soros & Co grandstanding. “The creditors warned BONY”......... what a joke. Imagine a European court trying to rule on an issue under New York law taking place in New York and within the jurisdiction of a New York court.
Oct 24th, 2015 - 02:24 pm - Link - Report abuse 0Soros will get his money from European branches of BONY via the EU courts.
Oct 24th, 2015 - 02:38 pm - Link - Report abuse 0US govt will be relieved to get that tricky issue out of its relations SA while staying on good terms with EU.
The various world govt's/intl orgs see who's the bad guy in all of this is.
Also; To deny Soros his money would likely just cost the US at least as much in some later trade.
Griesa, having been previously overruled on his rulings, is about to be undermined by reality.
Judge Griesa, in his wisdom, devised blocking European creditors from getting their dues as a blackmailing maneuver destined to help Paul Singer and Co. get their loot from Argentina. It did not work.
Oct 24th, 2015 - 05:24 pm - Link - Report abuse 0Vestige put it very well at #3. Griesa's power is now running out of steam and getting close to be “undermined by reality.”
Soros finds himself in a bit of a short term liquidity pinch..
Oct 24th, 2015 - 06:27 pm - Link - Report abuse 0Too bad for you.
Georgie are you still bullish on commodities?
Emerging econs?
Latam?
Commies?
Reap it, Georgie.
Reap it.
@4. Let's see now. Some European court is going to rule on a matter under New York jurisdiction. And under New York law. In the face of a New York judge. Which European court thinks it has that privilege? The truth is that European courts are a joke. The US and Canadian courts pay attention to British courts.
Oct 25th, 2015 - 02:15 pm - Link - Report abuse 06 Conqueror
Oct 26th, 2015 - 12:32 am - Link - Report abuse 0Of course! A NY judge is all-powerful and pays attention to no one. Griesa has thus blocked lawful payment to lawful creditors in order to benefit a small group of predatory financiers specialized in profiting from countries' financial difficulties.
But this is an aside. The main fact is, Argentina will negotiate with the holdouts an arrangement similar to the 2005 and 2010 debt restructuring. Period.
@7. So sorry to burst your thieving argie bubble. Who's law is it? New York's. Who chose the relevant law? Argieland. Who has jurisdiction? New York. Who's the judge? Griesa. Where's the bank? New York. Learn a new “skill”. Think! Cognate! Mentate! Drop a boulder on your head!
Oct 26th, 2015 - 02:59 pm - Link - Report abuse 0Most unlikely any European or British court will want to involve itself in a dispute that is clearly out of its jurisdiction and therefore control.
Oct 26th, 2015 - 04:33 pm - Link - Report abuse 0Even if they make an order the money in NY will not be going anywhere. They can only say it is not in contravention of any EU/British law.
Whatever you may think of Griesa and his rulings, as far as any NY bank, or other Institution doing any amount of business in NY is concerned, he is all powerful.
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