U.S. Gov’t considering support Argentine proposal for a rehearing on Judge Griesa’s ruling

U.S. Gov’t considering support Argentine proposal for a rehearing on Judge Griesa’s ruling

Télam. National News Agency of Argentina. Dec. 14, 2012. Through the State and Treasury departments, the United States Government is considering to formally back the Argentine proposal for a rehearing, with the full participation of the 13 magistrates of the New York Court of Appeals, to review the ruling by Judge Thomas Griesa, who favored a request by vulture funds against Argentina. Two U.S. Government lawyers, Preet Bahara, Attorney of the N.Y. Southern District and his assistant John Clooper, presented before the New York Court of Appeals a motion requesting time “to consider the possibility of presenting an Amicus Curie (friend of the Court) report”. Through that motion, the U.S. Government would support the Argentine request for a new hearing (rehearing) with the full participation of all the Court’s judges, in what is called in legal jargon an “en banc” appeal. New York Judge Griesa’s ruling, issued on Oct. 26, claimed that Argentina had violated the ”pari passu” principle (equal treatment clause), regarding the bond holders who had refused to join the two debt swaps opened in 2005 and 2010. "This presentation must still be approved by the U.S. Attorney General”, wrote the two lawyers, who added that if their request is accepted, the rehearing would be held next Dec. 28. In their presentation, the two U.S. Government lawyers provide several arguments for the need to repeal Judge Griesa’s ruling, backed by a later Court resolution signed by only three of the Court’s judges. They hold that the Court resolution could “affect the future voluntary sovereign debt swaps, affecting the stability of the world financial markets and the reimbursement of the loans granted by international financial institutions”. They also state that Judge Griesa’s ruling affects the U.S. legislation on the sovereign immunity enjoyed by foreign countries and exceeds the jurisdiction of a District Court of Appeals. http://english.telam.com.ar/index.php?option=com_content&view=article&id=17109:us-govt-considering-support-argentine-bid-for-a-rehearing-on-judge-griesas-ruling&catid=37:economy