Arab Today, arab today argentina bony breaching contract in debt dispute
Last Updated : GMT 00:57:30
Arab Today, arab today
Arab Today, arab today

Argentina: BoNY breaching contract in debt dispute

Arab Today, arab today

Arab Today, arab today Argentina: BoNY breaching contract in debt dispute

Argentina’s Cabinet Chief Jorge Capitanich
Buenos Aires - AFP

Argentina said Thursday the Bank of New York Mellon was breaching its contract by obeying a court ruling blocking the country from servicing its restructured debt without paying two "holdout" creditors in full.
Buenos Aires is battling to escape its second default in 13 years after two American hedge funds won a US federal court ruling barring the Argentine government from servicing the debt it restructured after its 2001 economic crisis without also paying the holdouts the full $1.3 billion it owes them.
New York District Judge Thomas Griesa ruled Wednesday that Bank of New York Mellon must continue holding an overdue payment of $539 million intended for creditors who have accepted a 70-percent write-down.
But Argentine cabinet chief Jorge Capitanich said the bank was violating its contract by complying.
"The most striking thing about the ruling is that it maintains that retaining the funds is not a violation," Capitanich told journalists in Buenos Aires.
"The truth is, that's incorrect, because BoNY is failing to fulfill its trustee contract."
The Argentine government took out an advertisement in national newspapers Thursday urging the 92 percent of creditors who agreed to restructure the country's debt in deals reached in 2005 and 2010 to make another bank the trustee.
"We remind bondholders that there are various rights -- and consequent legal remedies -- at their disposal... in the event that the fiduciary trustee fails to fulfill its obligations," it said.
It is possible "to remove the fiduciary trustee from its position at any time and designate a successor," it added.
Capitanich also lashed out at the latest ruling by the judge, whom Buenos Aires has repeatedly attacked as biased and incompetent.
"Griesa has demonstrated once again that he does not clearly understand the process. He has flagrantly demonstrated his incompetence, his ongoing partiality and his marked dependence on the vulture funds," he said.
The two hedge funds, NML Capital and Aurelius Capital Management, took Argentina to court to force it to pay them the full value of their bonds, which they bought for pennies on the dollar after the country defaulted in 2001.
Argentina says paying them in full could trigger legal claims for equal treatment by creditors who agreed to a write-down, putting the recession-hit country on the hook for up to $100 billion.
 

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 argentina bony breaching contract in debt dispute Arab Today, arab today argentina bony breaching contract in debt dispute

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
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