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Judge Criticizes Argentina for 'Half-truths' at Hearing

Attorneys Jonathan Blackman (L) and Carmine Boccuzzi (C), lead lawyers representing Argentina in its ongoing debt talks, arrive at federal court for a hearing in New York, August 1, 2014.
Attorneys Jonathan Blackman (L) and Carmine Boccuzzi (C), lead lawyers representing Argentina in its ongoing debt talks, arrive at federal court for a hearing in New York, August 1, 2014.
Reuters

U.S. District Judge Thomas Griesa, in a stern tone, on Friday criticized Argentina's decision to default on $29 billion in debt earlier in the week rather than pay holdout investors as ordered.

In a court hearing, Griesa told lawyers for Cleary Gottlieb, which represents Argentina, to “take steps to stop the misleading information being released by the Republic” regarding the battle between investors and the country. Elected officials in the South American nation have repeatedly stated that they had met their debt obligations, which Griesa said was a “half truth.”

“The republic has issued public statements that have been highly misleading, and that has to be stopped,” he said.

Griesa had ordered the nation to pay $1.33 billion plus interest to NML Capital, a unit of Elliott Management Corp, and Aurelius Capital Management, the two leading U.S. hedge funds who were not among those who agreed to accept new bonds after the nation defaulted in 2002.

Argentina argues that by depositing $539 million for a scheduled June 30 coupon payment at the Central Bank of Argentina in the account of Bank of New York Mellon, the trustee, that it had satisfied its obligation to pay its debts. Griesa had ordered BNY Mellon not to transfer that money to bondholders that exchanged debt in 2005 and 2010.

“Half-truths are not the same as the truth,” he said in court on Friday.

The hearing was called to “clarify where we go from here,” Griesa said, saying that “what occurred this week did not extinguish or reduce the obligations of the Republic of Argentina.”   

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by: Raymond Ghiutz Murdock
August 01, 2014 3:55 PM
THE BEST HISTORY OF WASH MONEY?
Strategic distraction serves always maneuvers economy larger history to make a great business, while others are preoccupied with issues of Ukranie, Gaza, immigrants, etc. greater wash money history came to an end and without many risks for those who developed a decidedly brilliant plan to endorse U.S. jurisprudence.UU. These procedures which by its obvious which were only written in capital letters or with inflation that might be in the mind of an upset indexes. But it's what comes operandose in different parts of the world under strict networks or organized systems of financial speculation with expertise in tax havens. Would that wonder how many involved in this conspiracy of fraudulent making tax-free money changes many banks, financial, etc. A necessary and a necessary situation default leads to a ruse and better large sums of money to temporarily be seen without difficulty by different controls found what they were looking for with the support of a trap in his own profession judge to administer justice Thomas. Griesa leaving in the hands of his own arbitreo insurance that is could be order, but as the saying goes: to the best Hunter functionment sure that escape you the Hare; or the you might have cheated on their own noses.

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