Saturday, April 23rd 2016 - 10:26 UTC

Judge Griesa pleased and gratified the Argentine 15-year litigation with bondholders is over

US Federal Judge Thomas said on Friday it gave him the greatest pleasure to be able to exercise his discretion and lift the injunction against Argentina which impeded the payment on defaulted debt.

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Judge Griesa asked to make public note of the fact that it gave him the greatest pleasure to be able to exercise his discretion and lift the Injunction

Special Master Daniel Pollack said Griesa has expressed that he is very gratified by this momentous development in the 15-year litigation over which he has presided

This was possible as a result of the dramatically changed circumstances in Argentina following the election of President Macri.

 Special Master Daniel Pollack, in a Friday release and speaking in the name of Judge Griesa added the magistrate expressed he is very gratified by “this momentous development in the 15-year litigation over which he has presided”.

The following is the Special Master's release:

Argentina, fulfilling its promises, today paid all ‘holdout’ bondholders who had reached Agreements in Principle with the Republic as of February 29. The payments were in the many billions of dollars in the aggregate. Other bondholders who reached Agreements in Principle with the Republic after that date will be paid according to the time schedules in their respective settlement documents.

As a result of these payments and the previous lifting of the Lock Law and the Sovereign Payment Law by the Argentine Congress, Judge Thomas P. Griesa late this morning lifted the Injunction against Argentina in all cases pending before him.

Judge Griesa expressed to me and asked me to make public note of the fact that it gave him the greatest pleasure to be able to exercise his discretion and lift the Injunction as a result of the dramatically changed circumstances in Argentina following the election of President Macri. His exercise of discretion was affirmed in all respects by the Court of Appeals on April 13.

This also means that the “exchange bondholders” who took lesser valued bonds in 2005 and 2010 will now be able to be paid the several billions of dollars of interest that were not paid under the Injunction.

The Court does not speak publically, other than through its Orders and Opinions, but Judge Griesa has expressed to me that he is very gratified by this momentous development in the 15-year litigation over which he has presided. I will have no further comment at this time other than to state my own enormous satisfaction, as Special Master, that the parties were able to reach agreement after years of hostility and bitter recriminations between earlier Argentine Administrations and the “holdout” Bondholders.