| ECONOMY | |||
| Debt swap: Argentina “confirms its commitment to pay in due time and manner” |  |  |  |
Télam. National News Agency of Argentina. July 3, 2013. The Secretary of Finance, Adrián Cosentino ratified yesterday the Argentine Government’s commitment to keep on complying with the payments to those who entered 2005 and 2010 debt swaps “in due time and manner”.
Cosentino said so after a Belgian court decided not to pronounce judgement on a case presented by European bondholders, who tried to be one step ahead of United States judiciary in the case promoted by vulture funds. European bondholders warned that they might be affected if Judge Thomas Griesa’s ruling is confirmed by the New York Court of Appeals. The US judge ordered that Argentina has to pay the vulture funds at the expenses of the creditors that accepted the swaps. The Belgian court declared the case “abstract” since the US justice has not yet ruled on the issue. Even though the case does not involve the Argentine Government, the bondholders' presentation and the Belgian justice's answer "synthesizes something that we have been explaining, that a legal process triggered by a vulture funds' request turns out in an increase of uncertainty and conflict on the payments of the regular debt," said the official. |
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