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  HOME | Argentina

Argentina Remains Impervious to New Judicial Ruling by US Judge

BUENOS AIRES - The Buenos Aires Stock Exchange closed on a high while the dollar barely climbed one cent, as the Argentine government downplayed New York Judge Thomas Griesa's ruling that Argentine government assets in the U.S. might be seized.

Griesa ordered Argentina, locked in a legal battle with U.S. hedge funds since the country's massive 2001 default, to report assets in the U.S., unless for diplomatic or military use, within ten days, failing which they could be deemed commercial and seized to pay the hedge funds $1.35 billion plus interest on defaulted bonds.

Argentina denies it has any such assets in the U.S.

Argentine President Cristina Fernandez's government said the ruling lacks "practical consequences" and is a "new failure" on part of the plaintiffs.

"All these years the vulture funds have tried to seize Argentina's property, but without success," the Argentine ministry of economy declared.

The ruling didn't affect the main markets of the Buenos Aires Stock Exchange either as the Merval index rose 0.35 percent and Argentine dollar bonds declined a meagre 0.2 percent.

Meanwhile, the U.S. dollar continued its upward trend at the stock exchange to end at 9.25 pesos.

NML v Argentina - Discovery Sanctions on Argentina - 13 August 2015 by Latin American Herald Tribune


 

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