Kicillof with Chief of Cabinet Jorge Capitanich (left) and Legal Secretary Carlos Zannini (right) during today’s press conference (photo: José Casal/Télam/dsl)
New York Judge Thomas Griesa rejected today Argentina’s request for a stay that would have allowed the country to meet a payment to the exchange bondholders due next week whilst giving it time to negotiate with the holdouts.
Shortly before the resolution was known, Economy Minister Axel Kicillof announced that Argentina had made a deposit for over US$1bn to the exchange bondholders in the US. US$539m were deposited in the Bank of New York Mellon, and are now at risk of being seized to comply with Judge Griesa’s ruling. While the payment was due on Monday, Kicillof explained that it was deposited today as tomorrow is a bank holiday in the US.
Kicillof made the announcement shortly after returning from New York, where yesterday he talked before the G77 + China and asked Griesa to give Argentina more time to negotiate with the vulture funds. “The Argentine Republic, fulfilling its obligations with the exchange bondholders, made a payment for over US$1bn today,” said Kicillof.
“Through this act, Argentina ratifies its firm and unrestricted will to honour its debts and to do away with any tricky interpretation that might imply the introduction of the euphemism of a ‘technical default’, with which they try to associate the capricious impediment to pay because of a judge’s order, without considering the will of the debtor to fulfill its obligations,” he added.
The post Vulture Funds: Judge Griesa Denies Stay, Government Deposits Payment appeared first on The Argentina Independent.