July 30, 2014
Italian bondholders say ruling is 'injurious, unfair'
The Italian bondholders’ legal representative, Tullio Zembo, harshly criticized the US Court ruling against Argentina that favoured vulture funds, saying “it was injurious and unfair.”
“This is an injurious and unfair ruling that jeopardises our situation and that of Argentina,” Zembo stated. “But now all that matters is to find a way to solve the problem,” he added, “negotiating can be an option, but it is not easy to deal with vulture funds.”
During an interview with FM Nacional Rock Radio, the legal representative said the court's decision sends everyone back to October 2012, “when judge Griesa ordered to pay vulture funds capital and interests.”
He warned that Argentina faces “a risk of technical default” but also pointed out that to disobey the judge’s sentence would be “complicated.”
Zembo advised to “wait and see” for the government’s, judge Griesa’s as well as vulture funds’ reactions. “The situation can change over the weeks,” he said.