June 19, 2013
'Ruling does not change the status quo,' Finance Secretary
Finance Secretary Adrián Cosentino assured on Friday that the ruling of an appeals court which partially confirmed the ruling of US judge Thomas Griesa in favour of vulture funds “is suspended from the moment it was issued and continues to be suspended, thus the current statu quo has not been changed.”
Cosentino made these comments regarding the New York appeals court, which ruled a decision on the appeal of the case commonly known as “pari passu” or equal treatment of creditors.
The same court partially confirmed Judge Thomas Griesa’s December 2011 ruling, which said Argentina violated a provision in the bonds that required it to treat bondholders equally, even if they chose to hold out.
Today’s ruling absolutely did not end the legal dispute over the “pari passu,” which will need further proceedings and will have to reach the US Supreme Court,” Cosentino added.