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November 23, 2014
Tuesday, August 5, 2014

Argentina to urge Citibank, BONY to pay bondholders

The Argentine Government will formally demand that Citibank and the Bank of New York Mellon pay exchange bondholders, the Economy Ministry informed today in a press release.

“Citibank and BONY must distribute payments made by the Argentine Republic to exchange bondholders, as well as guarantee future payments become effective,” the press release reads.

The Ministry claims those funds “belong to exchange bondholders” and blames New York district judge Thomas Griesa for “inappropriately blocking” the payments.

“[The judge] is unaware of the fact that Argentine debt is under Argentine, British and New York law, and issued in different currencies. This way, he illegally exceeds his jurisdiction with his ruling,” the press release argues.

Last week, Citibank and BONY were permitted by Griesa to make a one-off payment to a portion of bondholders.

The Ministry will also publish tomorrow in international and local newspapers a call for exchange bondholders to exercise their rights and claim their payments to banks.

Meanwhile, the ministry informed that the National Values Commission (CNV) watchdog  has made an official information request to its US counterpart to investigate “speculative maneuvers” by so-called “vulture funds” during the negotiations with Argentine representatives over Argentine debt in New York.

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Tags:  Argentina  Citibank  BONY  pay  bondholders  





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