In a court hearing, Griesa told lawyers for Cleary Gottlieb, which represents Argentina, to "take steps to stop the misleading information being released by the Republic" regarding the battle between investors and the country. Elected officials in the South American nation have repeatedly stated that they had met their debt obligations, which Griesa said was a "half truth."
- "The republic has issued public statements that have been highly misleading, and that has to be stopped," he said.
Griesa had ordered the nation to pay $1.33 billion plus interest to NML Capital, a unit of Elliott Management Corp, and Aurelius Capital Management, the two leading US hedge funds who were not among those who agreed to accept new bonds after the nation defaulted in 2002.
The government argues that by depositing $539 million for a scheduled June 30 coupon payment at the Central Bank of Argentina in the account of Bank of New York Mellon, the trustee, that it had satisfied its obligation to pay its debts. Griesa had ordered BNY Mellon not to transfer that money to bondholders that exchanged debt in 2005 and 2010.
- "Half-truths are not the same as the truth," he said in court today.
http://www.buenosairesherald.com/article/166040/us-judge-griesa-leads-key-hearing-in-new-york
1/8/14
_
-
Related:
GR
FR
DE
ES
IT
RU
EU
ISDA declares credit event on Argentina CDS....
ReplyDeleteThe International Swaps and Derivatives Association (ISDA) today effectively declared Argentina in default, setting in motion a process that could trigger payments worth up to USD1bn on credit default swaps.
ISDA's 15-member determinations committee decided that a "failure to pay" event has occurred on the contracts on July 30, the day Argentina missed a coupon payment on some of its restructured foreign-law bonds.
The deliberation, which needed an 80% majority to go through, was prompted by a request submitted on Thursday by Swiss bank UBS.
http://www.buenosairesherald.com/article/166051/isda-declares-credit-event-on-argentina-cds
1/8/14