Here’s the order which Judge Thomas Griesa made late on Friday, forbidding Argentina from swapping its restructured bondholders from New York law to its local legislation…
The order’s none too surprising given Griesa’s reaction to the plan earlier in the week.
It also came out hours after President Fernández promised to talk to holdouts. Which means the Argentine government has gone from conciliation to the Kicillof intransigence (“no pasaran”) to conciliation again, within days of the Supreme Court defeat.
Argentina’s lawyers will head to Griesa’s courtroom again to talk about a process for negotiations as per CFK’s orders. Then again, she also insisted on Friday that a deal has to be “fair and equal”.
Offering the holdouts the same restructuring terms as taken by other bondholders (which Argentina has tried before in the courts) — if that’s what “fair and equal” means — probably isn’t going to fly.
More on that later, but with the blow to doing a local-law swap — unless Argentina finds some way to defy the court again on this — there goes some negotiating leverage for Argentina…
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