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Judge Thomas Griesa will retire after the agreement with the holdouts Argentina


Judge Thomas Griesa will retire after the agreement with the holdouts Argentina

This was announced at a meeting before the lawyers in the country and one of the litigants funds. Growing expectations of an imminent closure of the conflict
Thomas Griesa da su batalla final como juez. 
Thomas Griesa gives his final battle as a judge.Credit: EFE
The judge in the Second District of New York, Thomas Griesa , prompted his retirement a day after it closes the trial between Argentina and the vulture funds. This was confirmed last before his closest collaborators Monday the Argentine legal representatives of the firm Cleary Gottlieb Steen & Hamilton (ISM & H) and lawyers Fund Trinity, claiming the country for "moral damage".

At the meeting, according to published today by the daily Ambito Financiero, a judge who was a stone in the shoe of the Argentine State during the Kirchner he confirmed the speculation that he would retire once completed the so-called "trial of the century". He said he will be in its lodge Montana and could write his memoirs, a curiosity of interest to the country and there would reveal the secrets and particularities of the dispute almost eight years leading Argentina and creditors not restructured their debt.

The novelty encouraged speculation the parties for judgment to be reaching a stage of definitions. The task force is studying Griesa its offer made ​​last week Finance Secretary, Luis Caputo, the applicants funds and instructed the special master Daniel Pollack to consider the proposal as competitive.

Impaired magistrate must now decide whether enables the preparation of the list of creditors who accept it offer and if you release the "injuction" on the clause applies "pari passu"whereby each issuance of Argentina or pay debt deserves an embargo for a party creditors who benefited from his judgment of December 2012 is derived.

After these measures, Griesa should impose a deadline for the list, and finally decide who signed are sufficient to make the case closed. In the government they expect to April the conflict is settled and the judge may well take its final rest.

In business and legal world of the United States say that abuse did the government of Cristina Kirchner against Griesa, who came to accuse from "senile" until municipal judge who sought to "turn their government," a thirst for revenge motivated by the magistrate aired its wave of negative judgments and embargoes against the country. Therefore, with the change of administration and the arrival of Mauricio Macri to power, it is expected the court to change his vision of Argentina and no longer becomes an insurmountable obstacle.

How to follow the trial

The offer made by the government macrista creditors who rejected swaps titles 2005 and 2010 provides a rebate of about 25% who obtained judgments favorable to their claims. In total, if all the applicants accepted, the country will have to pay 6,500 million dollars to 9,000 vulture funds millions in litigation.

The proposal will be firm if, on the one hand, the government obtained the support of the National Congress and repeals the so-called "lock law," and if Griesa lift restrictions on the country to pay its debt maturities restructured.

For now, EM funds, Kenneth Dart, and Montreux accepted ; while the main litigants, as NML and Aurelius Capital, remain so. According to Pollack said in a statement last Friday, these holdouts gave a resounding no, they are studying the proposal.

While these negotiations are ongoing, the Ministry of Finance and Public Finance confirmed this week that appointed the law firm Cravath, Swaine & Moore to advise and represent the country in the final stage of the dispute with the holdouts.

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