Thursday, November 6, 2014

Gov’t defends 'success' of Sovereign Payment Law

Cabinet Chief Jorge Capitanich speaks at the government house.

Cabinet chief Jorge Capitanich defended the Sovereign Payment Law and stressed that whether bondholders join the new swap proposed by the government is no success rule. He said that, in contrast, US Judge Thomas Griesa’s “biased” ruling has been a “total failure” and reiterated the government’s claim that it has reaffirmed a situation of judicial limbo.

The chief of ministers said that the aw, which changed the payment location for bondholders, “has allowed to ratify (the country’s) willingness to pay and to honour its commitments.” He stressed that it has spawn interest among bondholders seeking to receive payment through Nación Fideicomisos.

In his daily press conference at the government house, Capitanich reiterated his criticism against judge Griesa saying that his rulings, although favourable to vulture funds, "have not affected the price of Argentinean bonds.”

“Judge Griesa’s rulings reaffirms the situation of judicial limbo and it prevents the attainment of the own goal of the ruling as a result of its manifest inapplicability,” he stated.