Favorable Decision to Argentina Against Vulture Funds

Favorable Decision to Argentina Against Vulture Funds

Buenos Aires, Jul 11 (Prensa Latina) Argentina had today a favorable decision in its struggle against the so-called vulture funds, and achieved the release of its diplomatic accounts in Belgian banks. Brussels's Court of Appeals ordered to lift the embargo that the speculative fund NML obtained from Argentinian diplomatic accounts in a dispute for debt in default, the Economy Ministry reported last night in Buenos Aires. The verdict was announced on June 28, but notified on June 28, but notified to the Argentinian authorities yesterday, the ministry reported. "As Argentina requested in its documents, the Court of Appeals applied the reasoning of the decision by the Belgian Supreme Court on November 22, 2012, and confirmed that the diplomatic bank accounts have special immunity," Economy Minister Hernan Lorenzino explained. That way, the accounts of the Argentinian mission before the European Union and the Argentinian embassy to Belgium. On Tuesday, Lorenzino ratified the validity of Argentina's appeals before the Chamber of Appeals of the Second Circuit of New York, where the Argentinian Government is carrying out trial proceedings against vulture funds. In a series of posts on Twitter, Lorenzino denied that the mentioned authority had announced a sentence on the case of those speculative groups. What happened in New York was an administrative action that led to order a file, something that does not mean a verdict. The Argentinian Government questioned and lodged an appeal before that judicial authority for a resolution, issued by a court of New York that forced the country to pay 100 percent to the creditors, all of them US citizens or associated to them, who did not join the debt exchanges in 2005 and 2010. sgl/iom/pgh/mh

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