Wednesday, March 2, 2016

Griesa lifted the precautionary who prevented the salda Argentina – La Nacion (Argentina)

This is the bondholders swaps 2005 and 2010; the judge’s decision is subject to the country to meet before the sealed agreement with the holdouts

the mediator Pollack, announcing the agreement with the buitre.Foto funds this week: Reuters / Mike Sega

NEW YORK the New York judge Thomas Griesa yesterday up measures precautionary prevented him realize the Argentina payments to bondholders who joined swaps 2005 and 2010 and forced negotiation with holdouts after leading the country to “technical default”. However, the measure will not take effect immediately, but is tied to certain conditions, including the repeal by the Argentine Congress bolt laws and sovereign payment.

One day after hearing arguments of 14 lawyers, most of them against his early decision to lift the precautionary measures, or injunctions , Griesa gave the green light to a motion filed by Argentina and returned to deny a called vulture funds that led the judicial offensive against the country.

“the court does not take lightly the decision to lift the precautionary measures,” Griesa wrote, in an order and a review of five pages . “But ultimately, the circumstances have changed so significantly as to declare unfair and harmful precautionary measures to the public interest”, he completed the judge in his writing.

Your order will not take effect yet. According to the roadmap proposed Argentina, and which was granted by the judge, the Argentine Congress must first repeal the lock law and the law of sovereign payment, then you must cancel all agreements signed with the holdouts until 29 February, including 4653 million for vulture fund NML, Aurelius, Blue Angel and Olifant, who led the demand pari passu against the country and in which the precautionary were issued.

the Griesa judge disregarded complaints from lawyers representing me too funds and retail bondholders who had asked at the hearing to leave the precautionary measures in place to negotiate with Argentina. Many said they had not been able to negotiate even with the economic team of President Mauricio Macri.

“The plaintiffs have not agreed can continue to negotiate with Argentina,” the judge wrote. “Moreover, as has become clear, the claims of some plaintiffs who have not had” no chance “to negotiate are exaggerated. The court expects the Republic to continue negotiating with the remaining plaintiffs,” the judge added.

in addition, Griesa recalled that the Court of Appeals has previously entered a stay on his order for two weeks, which “will give these broad plaintiffs time to continue negotiations”.

Griesa put on record that the agreements signed by Argentina totaled US $ 6200 million, representing 85% of the judgments that came to the negotiating table s pecial master Daniel Pollack. He noted that Argentina had abandoned their appeals to the precautionary measures.

In addition, he cited the speech Macri, the day before yesterday to the Legislative Assembly to open the regular sessions.

“The president Macri went to Congress to urge passage of the agreements in this litigation, an important step towards fulfilling one of the conditions of this order step, “said the judge.

the order Griesa will be appealed, and or by any of the vulture funds demand pari passu or some of the funds or groups of retail bondholders who have not yet agreed. Griesa already knew, but still decided to go ahead, partly to give the Argentina space to raise funds in the capital markets to pay for the agreements already reached.

“There is an urgent need for certainty and purpose “, reasoned the judge in his writing, in line with the arguments presented by Michael Paskin, lawyer study Cravath, Swaine & amp; Moore.

“If some of the plaintiffs choose to appeal this order, that is their right. But appeals must occur quickly to ensure certainty and purpose necessary for existing agreements to be successful. The Congress Argentina should he know where he stands and all parties must diligently consummating these agreements, “justified

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