US Judge Claims Argentina ‘in Contempt’ of Court
teleSUR | September 30, 2014
U.S. Judge Thomas Griesa, who has repeatedly sided with vulture funds, has declared Argentina in contempt of court for its attempts to pay back over US$200 million in interest to creditors.
The Argentinian debt case reached a new landmark on Monday, as U.S. Judge Thomas Griesa ruled Argentina “in contempt” of court for attempting to pay back the debt it owes to bondholders.
Argentina defaulted in 2001 but reached debt exchanges with nearly all the creditors in 2005 and 2010, with a tiny minority refusing the deal.
Griesa justified his latest decision by saying the country is taking “illegal” steps to avoid his orders. Griesa had previously ruled that hold out creditors, known as vulture funds, had to be paid before other creditors could be settled with.
“These proposed steps are illegal and cannot be carried out,” Griesa said, during a court hearing in lower Manhattan, referring to the steps that Argentina has taken to pay back bondholders.
The judge also rejected any recognition of the newly approved law on Sovereign Debt in Argentina, passed by both its Congress and Senate.
In a further extraordinary rejection of Argentine sovereignty, Griesa warned that he will impose unspecified penalties on Argentina.
Argentine Foreign Minister Hector Timerman said in a statement late on Monday that the judge’s decision was a “violation of international law” and would have no impact other than to embolden the vulture funds against Argentina.
“The Argentine government reaffirms its decision to continue defending national sovereignty and asking the U.S. government to accept the jurisdiction of the International Court of Justice to resolve this controversy between both countries,” he said.
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