“If, and I emphasise if, there is any thought on the part of the Republic to defy and evade the current ruling, then that thought should be seriously reconsidered and set aside,” the judge told the hearing, adding Argentina had a “duty” to comply

Autor: alois Datum: Heute, 02:49

Zitat: Zitat von Marius  aktuell: Griesa: Wenn Argentinien nicht zahlt, wird das Geld an die Tauscher gepfändet Das "Zitat" stammt von einem "gewissen" Holdout aus dem Wiebel-Forum - nicht von Griesa. Griesa will am 1. Dezember bekanntgeben, wie viel Geld den Klägern im Zuge der Dezember-Zinszahlungen an die Tauscher zustehen soll. US judge warns Argentina over default ruling By Jude Webber in Buenos Aires A hotly awaited ruling on how much Argentina will be liable to pay the holders of bonds on which it defaulted is expected soon, and the country should forget any attempt to “defy and evade” the ruling, New York district judge Thomas Griesa said. Argentina was left with the stark prospect of having to face settling with the US funds it calls “vultures”, who spurned its debt swap in 2005 and 2010, or defaulting on the restructured debt. A US appeals court last month upheld a ruling by Judge Griesa that the performing debt could not be given priority over the debt in default. But the appeals court sent its ruling back to Judge Griesa for him to establish the payment mechanism. At a hearing in New York with both sets of bondholders, he announced he intended to issue his decision on December 1, the day before Argentina is due to make the first of three payments of more than $3bn to bondholders on December 2. He told the court that “some money” from the December payments would be due to the plaintiffs – NML Capital, a unit of US hedge fund Elliott Associates, and Aurelius Capital. “How much is the question.” The plaintiffs are seeking to collect on $1.3bn in defaulted bonds. Argentina steadfastly maintains it will neither default again, a little more than a decade after its 2001 default on nearly $100bn, nor pay “vulture” funds, which bought debt on the cheap after Argentina’s crash and are “holding out” to collect in full. It says it has been paying the holders of the 93 per cent of defaulted debt which it restructured in 2005 and 2010 religiously and will not stop doing so. Economy ministry officials in Argentina were studying the judge’s comments and no one was immediately available for comment. The judge called for both sides to submit responses to the ruling by November 19 and said he would call a hearing after that if necessary, though he would prefer not to. “He is looking for an affidavit from Argentina that they will comply,” a court spokeswoman told the Financial Times. “If, and I emphasise if, there is any thought on the part of the Republic to defy and evade the current ruling, then that thought should be seriously reconsidered and set aside,” the judge told the hearing, adding Argentina had a “duty” to comply. Argentina is expected to challenge the legality of the ruling, which Cristina Fernández, the president, said earlier was “violating its own [US] law”. Legal experts say the mechanism to force the funds paid through the Bank of New York Mellon to be diverted to the holdouts is not clear; nor is whether Argentina will be asked to pay the holdouts all the principal and interest owed. Daniel Kerner, an analyst at Eurasia Group, a consultancy, expected Ms Fernández to argue that her government “has both willingness and capacity to pay its debts in the US, but cannot do it given the actions of “vulture funds” and US courts, but that it is willing to lay in dollars in a different jurisdiction, potentially Argentina. In fact, we believe the government would prefer a new negotiation with bondholders rather than accept the ruling and paying holdouts”. http://www.ft.com/intl/cms/s/0/80f3d...#axzz2Bm8BdoTp