Judge ruled in favor of vulture funds and asked Argentina to pay cash
November 22, 2012
The federal judge in New York, Thomas Griesa ruled in favor of vulture funds and calls for Argentina to pay cash of $ 1.33 billion to bondholders who did not enter the trade.
This decision was made to reject Argentina’s request not to pay the defaulted bonds to investors.
The federal judge signaled in a letter that “the deposit should materialize on December 15. Argentina has to pay claimants 100% of these 1.33 billion at the same time or before they get paid to bondholders restructured “.
Griesa said, “Payment due on a bond or deposit account during the applicable period,” without ruling that “any institution may be subject to judgment as we collaborate to Argentina to make payment to bondholders also restructured without paying vulture funds “.
The refusal of the national government to pay the so-called vulture funds, the judge said that “the threat of challenge can not be ignored. Action is required. The Republic of Argentina is permanently barred actions to evade the directives of this order. “