Saturday, August 23, 2014

Debt Dispute: American Judge Throws Argentina illegal behavior before – FAZ – Frankfurter Allgemeine Zeitung

Debt Dispute: American Judge Throws Argentina illegal behavior before – FAZ – Frankfurter Allgemeine Zeitung



                          Argentine President Cristina Fernandez de Kirchner


In debt dispute between Argentina and two American hedge fund the fronts remain hardened. A meeting between the two sides on Thursday (local time) at the New York judge Thomas Griesa brought no progress. This Griesa described the actions of the government in Buenos Aires as “void and illegal.” Sanctions rejected the judge for the time being, however, on how the daily newspaper “Clarín” reported.


The Argentine government announced earlier this week to try to circumvent the blocking of his debt by the American justice by a bond exchange. This is a payment of principal payments on American banks by Argentine banks are possible. The New York judge Thomas Griesa had the end of June the principal payments for Argentine liabilities to foreign creditors prohibited as long as Argentina does not agree with two hedge funds. Several international rating agencies had downgraded the country then on “partially insolvent.”


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Argentina refuses to pay $ 1.3 billion in the two hedge funds, as there is a flood fears of further claims. The two hedge funds had old Argentine debt bought up cheap and the repayment in full sued in court, while the majority of the creditors had agreed to a haircut.


Argentina is bankrupt for the second time in twelve years. Unlike the national bankruptcy in 2002, the Bank had closures and bloody riots resulted, the country now has foreign exchange reserves, which are currently specified with $ 30 billion. However, the de facto insolvency burden on the economy, because it blocks access to international capital markets. Imports become more expensive, anyway, the inflation rate is estimated to be 40 percent, while shrinking the economy is expected by 3.5 percent. In addition, could go rapidly depleted foreign exchange reserves.


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debt dispute

American judge tosses Argentina illegal behavior before


An American court has the Procedure of Argentina in debt dispute denoted by American hedge fund as illegal. The indebted country wants to trade in debt securities that fall under Argentine law under American law bonds issued.

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