Argentina Gets More Support in Litigation over Vulture Funds

25.03.2014 - Prensa Latina

Argentina Gets More Support in Litigation over Vulture Funds
(Image by Image Presna Latina)

Buenos Aires, Mar 25 (Prensa Latina) Argentina got more support before the deadline set by the U.S. Supreme Court, where it filed an appeal against a New York judge”s ruling favoring vulture funds that might have unpredictable consequences. On Monday, when the deadline was set, Nobel Prize winner Joseph Stiglitz, the NGO Jubilee and several banks, including Gramercy and Puente, signed up as friends of the court, the news agency Telam reported. Previously, Brazil, Mexico and France, among other organizations and institutions, had expressed support for Argentina.

Telam pointed out that more last-minute expressions of support are not ruled out, but the stakeholders who decided to get involved so far, reconfirm Argentina’s stance that this case will have global repercussions and would affect the future restructuring of the country’s debt.

The Argentine government officially filed an appeal on February 18 against Judge Thomas Griesa’s ruling, according to which this South American country would have to pay 100 percent plus duplicated interests to a group of holders of bonds that have been overdue for over 20 years.

Those financial groups, known as vulture funds, account for just 7 percent of the lenders, while the remaining 93 percent reached an agreement with Argentina when the debt was renegotiated in 2005 and 2010.

Categories: Economics, International
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