Tuesday, September 30, 2014

US judge Thomas Griesa declares Argentina in contempt of court, monetary fine decision postponed

New York district judge Thomas Griesa has declared Argentina in contempt of court, due to the nation's actions in attempting to change debt jurisdictions as a result of the ongoing judicial conflict with holdout investors presided over by the US magistrate.

The justice deferred the imposition of financial penalties worth up to 50,000 dollars a day for a later date.



But he issued a clear warning that Argentina must stop efforts to get around his rulings by making payments locally.
"These proposed steps are illegal and cannot be carried out," Griesa said, his voice rising, during a court hearing in lower Manhattan.
Those steps, he said, include legislation Argentina passed that would allow it to replace Bank of New York Mellon Corp as trustee for some restructured debt with Banco de la Nacion Fideicomiso while allowing a swap of that debt for bonds payable in Argentina under its local laws.
Griesa ruled that the country had not followed the court's orders following the passing of a law which seeks to remove the Bank of New York as Argentina's financial intermediary to pay bondholders, currently unable to receive funds for debt servicing.

He went ahead with the contempt ruling despite warnings from the government to US Secretary of State John Kerry that it could constitute interference in Argentina's sovereign affairs.
Plaintiff bondholders, led by Elliott Management Corp's NML Capital Ltd and Aurelius Capital Management, have urged Griesa to consider unspecified non-monetary sanctions that could push the country to comply.
Those sanctions might, for instance, include barring Argentina from doing business with US banks, though such a ruling would likely engender fresh litigation over whether Griesa has the authority to do so.
[buenosairesherald.com]
29-30/9/14
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3 comments :

  1. “El gobierno argentino reafirma su decisión de seguir ejerciendo la defensa de la soberanía nacional”...

    La Presidenta salió al cruce de la decisión del juez Thomas Griesa de declarar en “desacato” a la Argentina.

    La presidenta Cristina Fernández de Kirchner manifestó que “el gobierno argentino reafirma su decisión de seguir ejerciendo la defensa de la soberanía nacional”, al salir al cruce esta noche de la decisión del juez norteamericano Thomas Griesa de declarar en “desacato” a la Argentina.

    En su cuenta oficial en la red social Twitter, la jefa de Estado reiteró lo dicho por la Cancillería a través de un comunicado de prensa esta tarde y resaltó: “Griesa ostenta el triste record de ser el primer juez que declara un desacato contra un Estado Soberano por pagar una deuda luego de fracasar en su intento de obstruir la reestructuración de la deuda externa de la Argentina”.

    “La decisión del juez municipal Griesa de declarar en desacato a la Argentina es violatoria del derecho internacional, de la Carta de la ONU y de la Carta de la Organización de los Estados Americanos”, insistió Cristina.

    Según la Presidenta y el comunicado del Ministerio de Relaciones Exteriores, “la decisión del juez Griesa no tiene ningún efecto práctico salvo proveer de nuevos elementos que sirvan a la difamante campaña política y mediática llevada adelante por los fondos buitre contra la Argentina”.

    “Estados Unidos como Estado es el único responsable por las acciones de cualquiera de sus órganos, como la reciente decisión de su Poder Judicial”, destacó la jefa de Estado.
    http://www.telam.com.ar/notas/201409/79880-el-gobierno-argentino-reafirma-su-decision-de-seguir-ejerciendo-la-defensa-de-la-soberania-nacional.html

    ReplyDelete
  2. Un tribunal new-yorkais a estimé lundi que l'Argentine avait usé de voies "illégales" pour contourner un précédent jugement l'enjoignant de rembourser en priorité les fonds "vautours" pour pouvoir continuer à payer ses autres créanciers, indique l'AFP.....

    "Le tribunal soutient que la République argentine a enfreint le jugement", a indiqué le juge Thomas Griesa, évoquant une condamnation "rare" et indiquant que les "sanctions" infligées au pays seront fixées lors d'une prochaine audience.
    Ce même magistrat avait dans un premier temps donné gain de cause aux fonds vautours ayant refusé toute renégociation de la dette argentine après la faillite du pays en 2001
    Lire la suite: http://french.ruvr.ru/news/2014_09_30/Dette-lArgentine-accusee-davoir-enfreint-un-jugement-aux-USA-4706/
    30/9/14

    ReplyDelete
  3. Argentina's Leader Considers American Judge Actions Threat to Country's Sovereignty...

    Argentina's President Cristina Fernandez de Kirchner has sharply criticized the US Judge Thomas Griesa, saying he wants to "destroy" the country's sovereignty and the process of debt restructuring.

    Earlier On Monday, Griesa ruled that Argentina is in contempt of court for its attempts to avoid his orders to pay off hedge funds that sued the country for full payment on their bonds.

    Most of Argentina"s creditors have agreed to a debt restructuring. According to the agreements, Argentina will repay them 70 percent of the face value of their bonds.

    Two US hedge funds — Aurelius Capital management and NML Capital- have refused to accept the deal.

    "They want to bring restructuring down," Kirchner said, adding that Griesa wants "to destroy the sovereignty" of Argentina.

    Earlier this year, Griesa froze Argentina's ability to transfer funds to restructured bondholders, as long as it does not pay the holdouts in the restructuring, mainly the $1.3 billion in bonds held by Aurelius Capital management and NML Capital.

    The ruling forced Argentina into its second default in 13 years and the country passed domestic legislation aimed at transferring its bond contracts away from US jurisdiction to Argentine jurisdiction.

    Argentina has also announced its plan to fire the official trustee for most of its debt payments, Bank of New York Mellon, which Griesa had ordered not to transfer any funds to the country's creditors.
    http://en.ria.ru/politics/20141001/193494182/Argentinas-Leader-Considers-American-Judge-Actions-Threat-to.html

    ReplyDelete

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