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Donnerstag, 17. Juli 2014

The government has until July 30 to reach an agreement with hedge funds who refused to participate in the country’s earlier debt restructuring and have been suing for full repayment of sovereign bonds which Argentina defaulted on in 2002

Wednesday, July 16, 2014

US Judge Griesa calls for new hearing over Argentine debt case

The government has until July 30 to reach an agreement with hedge funds who refused to participate in the country’s earlier debt restructuring and have been suing for full repayment of sovereign bonds which Argentina defaulted on in 2002.
US District Judge Thomas Griesa in New York today said he would hear arguments on July 22 related to the banks and payment agents caught up in the Argentine sovereign debt case.
Griesa has received motions from the Bank of New York Mellon, the indentured trustee that currently holds a deposit from the government of $539 million in its account at the Central Bank of Argentina, on what it should do with the money.
In addition, the lead holdout NML Capital Ltd., a subsidiary of Elliott Capital Management, has filed a motion, as have bondholders with euro-denominated Argentine debt, payment systems Euroclear Bank, Clearstream Banking and JPMorgan Chase bank.
The holdouts are investors who spurned the terms of Argentina's 2005 and 2010 debt restructuring following a $100 billion government default in 2002. Griesa has ordered that Argentina either pay the holdouts $1.33 billion plus accrued interest at the same time it pays restructured bondholders or no one should be paid.

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