January 20, 2018
Thursday, August 7, 2014

Gov’t fires back at Griesa, reiterates BoNY has to pay bondholders

Cabinet Chief Jorge Capitanich said today US Judge Thomas Griesa has proved his “incompetence, constant bias” by ratifying his order to keep a hold on funds Argentina deposited for exchange bondholders in the Bank of New York Mellon. “It is Argentina’s obligation to deposit the funds and it is the trustee’s to transfer them to bondholders,” he stated.

The government has published a two-page ad in newspapers adressed to restructured bondholders reaffirming Argentina has not defaulted, since it has deposited the funds. Yesterday, the Economy Ministry reminded bondholders that they have "rights" over the retained funds, including that of removing the financial agent, the BoNY.

“Judge [Thomas] Griesa has proved once again that he does not understand the process. He has showed his incompetence, his constant bias and notable dependence on vulture funds,” Capitanich fired in his daily press briefing at the government house.

“When he states in yesterday’s resolution that the deposit made to BoNY was illegal and that it does not follow his ruling, he is actually taking a Holy Father attitude, with alleged papal infallibility,”  the official affirmed adding “when in truth Argentina has honoured the prospect, which is a contract between the parties. It is Argentina’s obligation to deposit the funds and it is the trustee’s to transfer them to bondholders.”

Capitanich reiterated the government's criticism of Judge Griesa’s rulings and extended it to the US judiciary. “There is no legal certainty in the US,” he stated. “The judge does not seize or enforce his judgement against property, he does not take any sort of action. He shows notable incompetence and the inability to solve anything, delaying the process.”

The Kirchnerite official also went through the ad the government published. “There has been no failure to pay. The funds deposited by Argentina are the exclusive property of bondholders. The remarks made by Special Master Daniel Pollack after the July 30 negotiations are out of place and lack the truth,” he stressed.

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Tags:  Capitanich  vulture funds  Griesa  BoNY  bondholders  debt  Argentina  

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