Argentine Bond Swap Plan Violates U.S. Orders, Judge Says
by Bob Van Voris/Bloomberg News
|Judge Thomas Grisea during Argentina Bonds Hearing June 18, 2014|
Griesa ordered Argentina to pay the holdout bondholders if it seeks to pay its restructured debt. His rulings remained in force as the U.S. Supreme Court this week refused to hear Argentina’s appeal.
“Negotiation is fine,” Griesa said. “As a judge, what I want is a legal mechanism to prevent another situation where the republic can simply laugh off another judgment.”
Argentine President Cristina Fernandez de Kirchner said this week that complying with the ruling was impossible.
“The president’s speech is a problem,” Griesa said. It “really does not give me confidence in a good-faith commitment to pay all the obligations of the republic.”