US backs Argentina in fight against vulture funds

The US government requested a Court of Appeals to reverse the ruling of Judge Thomas Griesa in favor of a vulture fund, which forced Argentina last February to pay the interest on the debt of bonds exchanges carried out 2005 and 2010, sources said.

In a document named “Amicus Curiae” the US Goverment said that Griesa’s interpretation of a contract clause “would allow a sole creditor to frustrate the application of reestructuration plan that has international support and would thus undermine decades of US efforts to sponsor a system of cooperation to solve the crisis of sovereign debt."

Thus, Barack Obama’s administration backed Argentina in its fight against vulture funds in US courts and particularly against Judge’s Griesa’s February 23rd ruling which favoured bondholders NML, Elliot and Aurelius.

Griesa’s ruling not is effective yet as US attorneys filed an apeal against the ruling.