Monday, March 7, 2016

Italian bondholders ‘annoyed’ after Argentine holdouts deal

Lawyer Tullio Zembo today said Italians holding Argentina’s restructured debt bonds are “annoyed” as the government readies a better payment to the so called vulture funds, but added they won’t decide over a legal appeal before knowing how the negotiation concludes.

“We haven’t decided anything yet. First we must see how the market evolves, if Argentina pays and how much,” Zembo told Télam news agency. “They got upset after knowing Argentina might pay 100% to those litigating in New York while those who accepted the debt restructuring must settle for 35%,” he added.

After Argentina reached an agreement with holdout creditors last week, reports indicated those who accepted the debt restructuring would take the case to the courts to request an equal treatment.

"Since 2014, on June 26, when Griesa’s brutal ruling was confirmed (it prevented restructured creditors from getting paid) nobody in Italy has been paid,” Zembo stated.