Monday, October 6, 2014

US Judge Griesa orders Argentina to reinstate BoNY

File photo of US Judge Thomas Griesa.

US Judge Thomas Griesa has ordered Argentina to reinstate the Bank of New York Mellon (BoNY) as trustee and “reverse the steps taken” with the approval of the Sovereign Payment law that replaced it with Nación Fideicomisos.

The judge ordered it last Friday in an amendment to his September 29 ruling when he declared Argentina in contempt of court.

“The Republic of Argentina will need to reverse entirely the steps which it has taken constituting the contempt, including, but not limited to, re-affirming the role of The Bank of New York Mellon as the indenture trustee and withdrawing any purported authorization of Nación Fideicomisos, S.A. to act as the indenture trustee, and complying completely with the February 23, 2012 injunction,” Griesa ordered.