October 24, 2014
Italian bondholders praise jurisdiction change
The Italian bondholders' legal representative Tullio Zembo praised the Sovereign Public Debt Payment Law pushed by the government saying the decision to change the debt’s jurisdiction to Buenos Aires is “probably the most appropiate.”
Zembo said that the government's proposal to remove bank of New York Mellon (BoNY) as payment agent “should be accepted” in order to “guarantee payment in time and manner, as it has been so far.” The Italian lawyer said this decision was “inevitable” because “no other solution was available.”
“I would tell bondholders to receive payment,” Zembo said and called on exchange creditors to agree on the voluntary change of jurisdiction proposed by Argentina to “end (the dispute) once and for all” .
“I care about the money reaching bondholders’ pockets,” he stressed.
Zembo highlighted “Argentina’s willingness to pay,” challenged by US Judge Thomas Griesa’s order to block the deposits made by the government at the Bank of New York Mellon.