Black Listed News

U.S. judge calls Argentina debt swap plan 'illegal'

August 22, 2014
Share It | Print This

Source: Reuters

U.S. District Judge Thomas Griesa on Thursday called Argentina's proposed debt restructuring plan "illegal" but stopped short of holding the country in contempt, saying that would not help resolve the dispute that led to the nation's second default in a dozen years.

Griesa said proposed legislation announced on Tuesday by President Cristina Fernandez would violate orders he imposed favoring creditors who refused to accept restructured bonds following the country's 2002 default on $100 billion in debt.

"It is illegal, and the court directs that it cannot be carried out," Griesa said at a hearing in New York.

But the judge declined to hold Argentina in contempt despite the urging of the two leading holdout creditors, saying such a finding would not "add anything to the scales" to encourage a settlement.

Read More...

Share This Article...


Subscribe To Updates
Blacklisted Newsletter
Blacklisted Radio
Blacklisted Nation
On Twitter
On Facebook
The DoomCast
Podcasts on Demand
Podcasts on Spreaker
Podcasts on Youtube
Podcasts on iTunes
Podcasts on Stitcher
Podcasts on Tunein
Podcasts on Roku

Support Us
Donate Today!

Affiliates
Shop Amazon
Golden Eagle Coins
6 Dollar T-Shirts
DHGATE.COM
The Ready Store
Onnit Labs
Audible Audio Books
Blue Host



BlackListed News CC 2006-2014