Wednesday, June 18, 2014

Argentina Bond Plan Violates Judge's Order

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

Today in a packed courtroom on the 26th floor of the Manhattan Federal Courthouse lawyers collided over the issue of the payment of debt by Argentina to various bondholders. The US Supreme Court refusing to hear the case, put the issue back into the court of Judge Thomas Grisea.  More on the story from Bloomberg News' Bob Van Voris.

Story Link:

 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.”

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