Home / News / Press Release - FRI 08.08.2014


Once again, Griesa calls for a hearing and solves absolutely nothing

Press Release by the Argentine Ministry of Economy and Public Finance


Today, the legal representatives of the Republic of Argentina were present at a new hearing convened by Judge Griesa, in which none of the pending issues were resolved by the judge.

Judge Griesa maintains his bizarre position of continuing to prevent the collection of the money paid by Argentina to the bondholders that accepted the 2005 and 2010 restructurings. This resources, which belong to the bondholders, are still frozen in the account of the Bank of New York in the Central Bank of Argentina.

Given that situation, bondholders from around the world have begun to make claims before the judge and to take legal actions against the Bank of New York, since the money credited in its account belongs to the bondholders that participated in the 2005 and 2010 exchanges. Evidently, Judge Griesa continues to block the funds for the sole purpose of forcing the Argentine Republic to pay the vulture funds. However, on June 27, the Republic fulfilled the commitment it has with its creditors, as it has done, uninterruptedly, since 2005.

Worse yet, Judge Griesa continues to contradict himself-and the evident facts-arguing that Argentina did not pay. However, it was this same Judge Griesa who in the previous hearing clearly recognized that Argentina had fulfilled its obligations, and decided to keep the funds owned by the creditors at the Bank of New York until the Republic pays the vulture funds the amount of $1,600 million.

Likewise, Judge Griesa insists on pressuring Argentina into making offers which violate the country´s laws and contracts, and with the risk of triggering the RUFO clause.

Judge Griesa continues to ignore Argentina’s sovereign decision to restructure its public debt, thereby breaching the immunity of jurisdiction and enforcement that every State has over funds required to exercise its sovereign actions. For these reasons, yesterday Argentina filed a presentation against the United States before the International Court of Justice, while also calling the attention of the Government of the United States and the entire international community about the seriousness of Judge Griesa’s decision, which not only impacts the Republic of Argentina and its bondholders, but distorts the international financial market, and compromises, as well, the international responsibility of the United States.

Regarding the comments made by Judge Griesa in reference to the legal notices published by the Republic, Jonathan Blackman, the attorney representing the country, argued that Argentina is a sovereign state and, as such, has the need and obligation to inform its population, and underscored the many publications made by the American Task Force Argentina (a NML-funded entity) which in its latest releases attacked the attorney himself, affecting his family and the law firm. These attacks are nothing other than an example of the systematic practices of ATFA of lying, slandering and attacking our country.

Surprisingly, Judge Griesa claimed he was unaware of the attacks against Blackman and regretted them, and thanked him for bringing the Court’s attention to this matter. In so doing, he once again demonstrates his blatant partiality in favor of the vulture funds.

In spite of the Judge’s renewed pressures and contradictions, Argentina maintains its position. The Republic continues its efforts to generate fair, equitable, legal, and sustainable conditions to honor its debts with 100% of its creditors.



Link to the original press release of the Ministry of Economy and Public Finance (in Spanish):


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