Saturday, December 29, 2012
Argentina is urging a US appeals court to reverse an order requiring the country to pay $1.33 billion to creditors who did not participate in its two debt restructurings, a legal case that could have huge ramifications for global debt markets.
Lawyers for Argentina's government said in court papers filed late on Friday that a trial judge was "wrong to ignore the chorus of voices" who opposed his November order on payments to so-called "holdout" creditors.
Those payments, to a court-controlled escrow account, would threaten the service of $24 billion in restructured debt, Argentina's lawyers wrote in papers filed in the 2nd U.S. Circuit Court of Appeals in New York.
"There is no authority permitting a US court to order a sovereign to bring its immune assets into the United States in order to 'turn over' or distribute them to its creditors," lawyers for the Argentine government said in the 69-page filing.
Lawyers representing Argentina confirmed that President Cristina Fern?ndez de Kirchner plans to send a bill to congress to allow a new debt swap under the same conditions it was done in 2010.
On Friday night, the US Government backed Argentina?s stance filed on the New York Court of appeals. ?By restricting the immunity that the properties of a foreign state possess excessively, the decision not only contradicts previous rulings by this court, but could could affect US foreign relations and jeopardize goods of the US Government,? the office of the US Attorney General
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