Arab Today, arab today pay up or return money argentina tells debt row banks
Last Updated : GMT 08:13:49
Arab Today, arab today
Arab Today, arab today

Pay up or return money, Argentina tells debt row banks

Arab Today, arab today

Arab Today, arab today Pay up or return money, Argentina tells debt row banks

Citibank branch at the US
Buenos Aires - AFP

 Argentina told Citibank and Bank of New York Mellon on Monday to either execute its debt payments or give it back money frozen in its dispute with two creditors.
A US federal judge has ordered the banks not to transfer payments on the debt Argentina restructured after its 2001 economic crisis until the country settles a $1.3-billion dispute with the two "holdout" creditors, hedge funds NML Capital and Aurelius Capital Management.
BNY Mellon is currently sitting on a $539-million interest payment Argentina was due to make on June 30, and Citibank is barred from making a $200-million payment due on September 30.
The government in Buenos Aires took out an advertisement in Argentine and US newspapers announcing it had asked BNY Mellon to step down as trustee for its restructured debt and transfer the $539 million to a new payment agent.
Economy Minister Axel Kicillof also called on Citibank to transfer the September 30 payment, saying it would violate Argentine law if it failed to do so.
The bank "has an Argentine contract that says it has to pay bonds issued under Argentine law, not New York law. When we deposit the money, they have to pay it," he told broadcaster Radio del Plata.
The situation has infuriated Argentina, which defaulted on its debt for the second time in 13 years when the grace period on the June 30 payment expired.
Argentina defaulted on $100 billion in debt in 2001, the largest default in history at the time.
It persuaded 93 percent of its creditors to take losses of up to 70 percent on the face value of their bonds in deals reached in 2005 and 2010.
But the holdouts refused to accept the write-down and took Argentina to court, winning a ruling that has derailed the country's debt restructuring.
Argentine President Cristina Kirchner was due Monday to meet billionaire investor George Soros, one of the restructured bondholders whose interest payments have been frozen, to discuss a plan to get out of default.
Kirchner is in New York to address the UN General Assembly on Wednesday, when she will likely hammer home her country's calls for a UN convention to stop hedge funds from scuppering restructuring plans for countries struggling to pay their debts.
She also sought to rally fellow Argentine-born Pope Francis to the cause during a meeting Saturday at the Vatican.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pay up or return money argentina tells debt row banks Arab Today, arab today pay up or return money argentina tells debt row banks

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday