Tuesday, September 30, 2014

Argentina is seeking to avoid payment ban on US-judges – FAZ – Frankfurter Allgemeine Zeitung

Argentina is seeking to avoid payment ban on US-judges – FAZ – Frankfurter Allgemeine Zeitung



BUENOS AIRES (AFX) – Argentina has paid $ 161 million for interest payments on its foreign debt escrow accounts of Banco Nacion state. The money am available to creditors who have not obtained their interest Argentine government bonds through the Bank of New York Mellon (BoNY), the Ministry of Economy said in Buenos Aires on Tuesday. In this way, the government wants to circumvent the ban on payment of U.S. Judge Thomas Griesa. It is unclear how many creditors will accept the transfer of the place of payment.

The judge had the operation of Argentine obligations in New York blocked unless plaintiff hedge fund paid $ 1.5 billion (1.2 billion euros) will. The litigation will take place in the United States, because the disputed bonds were once issued in U.S. dollars under United States law, to make it more attractive for international investors.

In June, Argentina had paid $ 539 million to the BoNY for interest payments that were not paid due Griesas judgment of the bank to the creditor. Since then, the South American country is in a so-called “technical” or “selective” default. Payments for Bonds under Argentine law has permitted, however the judge.

Griesa had said on Monday that Argentina is liable to prosecution for making judgment disregard. The Argentine government has the judge’s decision as a “violation of international law” back. / Jg / DP / jkr


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