Ruiz Cerrutti made a historical overview of Argentina's legal battle against the holdouts, saying it all started in 2004, when "Argentina asked [judge Griesa] to interpret the pari passu clause, before it began its debt restructuring process". She pointed out that at that time the "NML fund opposed saying it was untimely."

Tuesday, August 19, 2014

Gov’t says the US has not confirmed whether it accepts ICJ's jurisdiction

Foreign Ministry Héctor Timerman speaks at press conference on Argentina''s legal case against the US at the Hague.

Cabinet Chief Jorge Capitanich, Foreign Minister Héctor Timerman and Ministry of Foreign Affairs Legal Adviser Susana Ruiz Cerrutti were addressing reporters this morning to discuss Argentina’s legal action against the US at the Hague over its dispute with holdout hedge funds.

“In what we consider as a diplomatic gesture contrary to the international community norms of peaceful coexistence, the US has not yet answered (…) whether it accepts its jurisdiction to resolve on the violations to Argentine sovereignty,” Timerman said.

The Foreign Ministry reiterated the government’s claims that US Judge Thomas Griesa’s ruling on Argentina’s legal battle against its holdout creditors entails a “direct violation to [Argentine] sovereignty.”

Ruiz Cerrutti made a historical overview of Argentina's legal battle against the holdouts, saying it all started in 2004, when "Argentina asked [judge Griesa] to interpret the pari passu clause, before it began its debt restructuring process". She pointed out that at that time the "NML fund opposed saying it was untimely."

"Eight years later, Griesa decides to rule over the pari passu clause (...) and eight years later what Argentina had demanded takes place," she added.

The Chanchellery Legal Adviser said that if the Hague ruled that Griesa's decision was illegal, the judge's ruling could be revoked.

Cabinet Chief Capitanich in turn reiterated that the government’s decision to take its claims to the International Court is a result of the US Judiciary “violation of Argentina’s immunity and sovereignty.”

“Argentina will continue to demand the US to respect its sovereign rights, and will continue to pay its debts without interferences that violate international law.”

Buenos Aires has asked the International Court of Justice in The Hague to take action against the US over its sovereign debt. The Argentine government said in its application to the court that the US had "committed violations of Argentine sovereignty and immunities and other related violations as a result of judicial decisions adopted by US tribunals."