October 25, 2014
'Pollack is only missing to wear vultures' team shirt'
Deputy Minister of Economy Emmanuel Álvarez Agis has renewed the government’s criticism of Daniel Pollack – the mediator appointed by US District Court Judge Thomas Griesa to conduct talks between Argentina and so called "vulture funds" –, questioning the lawyer’s “biased” position in the 1.3 billion dollar dispute.
“It is a difficult negotiation above all when the mediator is on the other side. The only thing Pollack is missing doing is wearing vultures’ team shirt, shooting to the center and heading the ball,” the official said using football-like terms to describe Pollack’s position in the legal battle.
In statements to media today, minister Axel Kicillof’s second-in-command Álvarez Agis added “Argentina paid its debt but there is a judge that blocked that payment, bondholders have the money in the account but the judge won’t let them take them out” – in June Argentina transferred funds to the Bank of New York Mellon to pay the 92% of bond holders who restructured after Argentina's 2001 default but Judge Griesa blocked the payments until a settlement is reached on $1.65 billion (including the interests) that he ordered be paid to hold-out creditors.
The government of Argentina actually urged the NY Mellon to give out the money to creditors that did accept the 2005 and 2010 debt swaps unlike hedge funds now involved in the dispute.
“We demanded the Bank of New York to give out the funds. Even Judge Griesa acknowledged the funds are not of his property but of bondholders,” the deputy minister insisted adding that “Argentina’s position is clear.”
“We will not pay extraordinary amounts of money not even under extortion as vulture funds want. We will continue negotiating to find a solution. We have always said that after the (July) 30 (deadline) the world would not end. Argentina keeps winning.”