mercredi 8 avril 2015
Argentina's Economy Minister: We're suing Citibank for making 'a deal with the devil'
Posted on 12:37 by nice news
Surprising no one, Argentina's Economy Minister, Axel Kicillof, announced that the litigious Latin American nation would be suing Citibank.
Citibank "signed a deal with the devil on March 2oth, with the vulture hedge funds, to abandon Argentina," he said.
On March 2oth, Citibank signed a deal with NML (the "vulture funds"), a group of hedge funds led by Paul Singer that have been suing Argentina since its 2001 default. NML sued Argentina about a decade ago because the country has been paying some creditors and not others (not NML).
US Judge Thomas Griesa ruled Argentina was forbidden to do that, but the country has ignored that ruling and went into technical default last year.
Last month, Citibank — with its custody bank caught in the middle of this saga — asked special permission of Griesa to pay out Argentina's creditors and then shut down its custody business in the country.
Unfortunately for Citi, Argentina didn't want any of that.
As punishment, the Republic temporarily shut down Citi's access to Argentine market, and raided the bank's office on Monday.
Citibank "signed a deal with the devil on March 2oth, with the vulture hedge funds, to abandon Argentina," he said.
On March 2oth, Citibank signed a deal with NML (the "vulture funds"), a group of hedge funds led by Paul Singer that have been suing Argentina since its 2001 default. NML sued Argentina about a decade ago because the country has been paying some creditors and not others (not NML).
US Judge Thomas Griesa ruled Argentina was forbidden to do that, but the country has ignored that ruling and went into technical default last year.
Last month, Citibank — with its custody bank caught in the middle of this saga — asked special permission of Griesa to pay out Argentina's creditors and then shut down its custody business in the country.
Unfortunately for Citi, Argentina didn't want any of that.
As punishment, the Republic temporarily shut down Citi's access to Argentine market, and raided the bank's office on Monday.
Argentina's Economy Minister: We're suing Citibank for making 'a deal with the devil'
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