December 11, 2013
ARGENTINA’S ASSETS ABROADSaturday, October 26, 2013
Gov’t contests Griesa on data for ‘vultures’
The government yesterday appealed an order by US Judge Griesa who asked some private banks to turn over information about Argentina’s assets abroad. The case had been started by hedge fund Elliott Management Corp’s NML Capital Ltd which is demanding in court full payment after the 2005 and 2010 debt swaps they did not accept.
In a court filing, the government said it would ask the US Court of Appeals for the 2nd Circuit to overturn US District Judge Griesa’s September 25 order for Citibank, Deutsche Bank, JPMorgan Chase & Co and other banks to hand over the data to Elliott Management Corp’s NML Capital Ltd.
The banks ordered to turn over information on Argentina’s assets also include HSBC Holdings , Standard Chartered Plc (STAN), UBS AG, Wells Fargo & Co and BNP Paribas SA.
Griesa, in his September 25 ruling had also denied Argentina’s bid to throw out a lawsuit in which NML Capital and EM Ltd. sought a court declaration stating that the country’s Central Bank was an “alter ego” for the country and liable to pay them almost US$2.6 billion.
Griesa did not rule on the case’s merits, and said a finding that Argentina and the Central Bank were legally the same “could really have effects or implications beyond what I would intend.”
But citing “irregularities” in Argentina’s conduct, Griesa said at a court hearing that “there could be some account or some assets of the BCRA that could be legitimately attached or executed on to satisfy the judgment debts here.” The Central Bank appealed Griesa’s ruling through US firm Sulliva & Cromwell and the litigation could last several months.
Herald with DyN, Reuters
Sales in supermarkets increased in September 16.9 percent and in shopping malls 14.3 percent compared to the same month last year, the INDEC statistics bureau reported yesterday. Prices in supermarkets rose 0.85 percent, accumulating a 5.7 percent raise this year, while prices at shopping malls didn’t change compared to August. The report analyzes 70 supermarkets and 36 shopping malls throughout the country.