Griesa urges Argentina ‘to take sensible steps’ to avoid default as hearing continues
As the hearing called by US Judge Thomas Griesa with legal representatives of Argentina and lawyers of holdout bondholders continues, the District Court Judge has not decided on Argentina’s stay request yet but urged Argentina to take “sensible steps” to avoid default.
Griesa said that an Argentine default would be "most unfortunate" and bashed the government for its “incendiary rethoric".
“Judgments are judgments,” he said. The meeting began at 11.30 a.m. with all eyes focused on the magistrate’s decision on Argentina’s request for a suspension on the his ruling ordering Buenos Aires to pay 1.3 billion dollars plus interests to vulture funds that refused the country’s 2005 and 2010 debt swaps temporarily.
The Cristina Fernández de Kirchner administration filed a request on Monday to have a stay. The hearing was requested by European bondholders - that have not received payments from Argentina since June 30 due to Griesa’s ruling – along with the Euroclear and Clearstern financial services companies.
Other creditors with restructured bonds such as banks have also warned that the decision by the US judge to stop the payment in Europe goes against European jurisprudence, based on a similar case that Elliot Management - same vulture fund now bringing a lawsuit against Argentina- brought against Nicaragua some years ago.
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