Disir
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The United States government has weighed in on the legal battle between Argentina and a group of New York hedge funds, lending its support to the struggling country and dealing a setback to the investors.
In a friend-of-the-court, or amicus curiae, brief filed on Wednesday at the United States Court of Appeals for the Second Circuit in New York, the Justice Department said it supported an American federal judge’s decision to lift an injunction that had prevented Argentina from raising new money in the bond markets or paying its creditors.
After his recent visit to Cuba, President Obama traveled to Buenos Aires, where he held high-level talks with Argentina’s president, Mauricio Macri — the first in 20 years between leaders of the two countries.
“The United States has significant foreign policy interests in support of a swift resolution of this long-running litigation,” the Justice Department said in the brief.
It is a move that will increase the pressure on a group of holdout bondholders that refused to take part in two debt restructurings by Argentina after it defaulted on $100 billion of debt in 2001. The appeals court has often deferred to opinions of the American government.
On Feb. 28, Argentina agreed to pay $4.65 billion to four hedge funds in a deal that looked poised to end a 12-year battle that began when the hedge funds sued Argentina, seeking full repayment of their defaulted bonds. The funds, led by Paul E. Singer’s firm, NML Capital, were the last group of major investors to reach an agreement.
http://www.nytimes.com/2016/03/25/b...dealt-setback-as-us-sides-with-argentina.html
How unfortunate.
In a friend-of-the-court, or amicus curiae, brief filed on Wednesday at the United States Court of Appeals for the Second Circuit in New York, the Justice Department said it supported an American federal judge’s decision to lift an injunction that had prevented Argentina from raising new money in the bond markets or paying its creditors.
After his recent visit to Cuba, President Obama traveled to Buenos Aires, where he held high-level talks with Argentina’s president, Mauricio Macri — the first in 20 years between leaders of the two countries.
“The United States has significant foreign policy interests in support of a swift resolution of this long-running litigation,” the Justice Department said in the brief.
It is a move that will increase the pressure on a group of holdout bondholders that refused to take part in two debt restructurings by Argentina after it defaulted on $100 billion of debt in 2001. The appeals court has often deferred to opinions of the American government.
On Feb. 28, Argentina agreed to pay $4.65 billion to four hedge funds in a deal that looked poised to end a 12-year battle that began when the hedge funds sued Argentina, seeking full repayment of their defaulted bonds. The funds, led by Paul E. Singer’s firm, NML Capital, were the last group of major investors to reach an agreement.
http://www.nytimes.com/2016/03/25/b...dealt-setback-as-us-sides-with-argentina.html
How unfortunate.
