US district judge Thomas Griesa has rejected Citigroup’s request to vacate injunction, prohibiting the bank from processing payments on dollar-denominated Argentine exchange bonds.
The judge upholds his July 28, 2014 order, saying $2.3 billion of dollar-denominated bonds are covered by his decision.
Griesa says payment on exchange bonds would violate an 'equal treatment' provision of a 1994 Argentina bond issuance.
The judge upholds his July 28, 2014 order, saying $2.3 billion of dollar-denominated bonds are covered by his decision.
Griesa says payment on exchange bonds would violate an 'equal treatment' provision of a 1994 Argentina bond issuance.
He acknowledges Citigroup’s concern it might be sanctioned in Argentina by not processing payments, but says this is a result of Argentina having refused to observe his rulings.
Griesa again urged Argentina to cooperate with special master to resolve its differences with bondholders. [buenosairesherald.com]
12/3/15
--
-
Related:
Griesa again urged Argentina to cooperate with special master to resolve its differences with bondholders. [buenosairesherald.com]
12/3/15
--
-
Related:
Argentina to urge Citibank, BONY to pay bondholders...
- Judge Griesa orders BoNY to retain bondholder payment...
---
Argentina faces u$s4.7 billion claim in 'me too' debt suits
Another hedge fund sues Argentina for u$s835 mln in defaulted bonds
US Judge Griesa orders Argentina to reinstate BoNY
Italian bondholders seek same benefits as ‘vulture funds’
GR
FR
DE
ES
IT
RU
EU
The Argentine Economy Ministry today considered US Judge Thomas Griesa's ruling issued yesterday "a shameful excess of jurisdiction."...
ReplyDeleteJudge Griesa yesterday blocked Citigroup Inc from processing interest payments by Argentina on some bonds issued under the country's law. The judge said letting Citigroup process the payments on so-called dollar-denominated exchange bonds would violate a requirement that Argentina treat bondholders equally.
"Judge Griesa's order violates again basic legal principles, making clear his decisions are not based on the law but on his evident partiality against Argentina," the ministry said in a statement released this afternoon.
“Griesa has become once again an accomplice of vulture funds’ extortion intents. Moreover, in this occasion, he pretends that Citibank Argentina and its Argentine directors act against Argentine law,” the statement reads..............http://www.buenosairesherald.com/article/184234/government-considers-us-judge-griesas-ruling-a-shameful-excess-of-jurisdiction
13/3/15
Citibank in Argentina to Stop Making Bond Payments ...
ReplyDeleteCitibank said Tuesday it was getting out of the business of making bond payments for Argentina, the latest fallout from a bitter court fight between the South American country and a group of bondholders in the U.S.
In a statement, the bank said it was making plans to transfer Argentina's debt payments to another entity because of an "unprecedented international conflict of laws." The statement said the bank had notified the New York court overseeing the legal fight, but did not elaborate on its transition plans.
Last week, the bank found itself in a difficult position with few options. First, U.S. District Judge Thomas Griesa ordered Citibank to stop processing payments to bondholders. A day later, Argentina threatened to revoke the bank's operating license if it refused to process those payments..............http://www.voanews.com/content/ap-citibank-in-argentina-bond-payments/2684544.html
17/3/15
Kicillof: Citibank has incriminated itself...
ReplyDeleteEconomy Minister Axel Kicillof has revealed the government sent a letter to Citigroup asking how the bank will react, after New York district judge Thomas Griesa decided not to kill an injunction that blocked Citi from processing interest payments on US$2.3 billion of Argentina bonds.
Kicillof said the letter was sent to avoid uncertainty about Citibank’s actions.
“We don’t know what they want to do and what they will do, so the Economy Ministry asked them, in order to avoid uncertainty,” he told reporters today during the launch of the COM.PR.AR program.
The bank has portrayed itself as an innocent third party stuck with an untenable choice between ignoring Griesa, and putting its Argentina banking license in jeopardy.
“There were comments about removing their license to operate in Argentina, because that’s what Citibank told Griesa,” the Minister stated.
“I would say they have already incriminated themselves in a crime that they did not yet commit,” he added.
“You [Citibank] are an Argentine business, subject to Argentine banking law,” concluded Kicillof, echoing yesterday’s statements, when he warned the bank that breaking Argentine law would have its consequences.
http://www.buenosairesherald.com/article/184670/kicillof-citibank-has-incriminated-itself
19/3/15