Isabel,
Here is something I think will interest the list serve.
Argentina is likely to be called into default on Thursday as the funds it has deposited with a New York bank to be distributed as the next interest payment to its bondholders will remain in the bank thanks to a federal judge in New York. Judge Thomas Griesa had found for a group of hedge funds and says Argentina cannot pay its other bondholders without also paying its holdout creditors who did not agree to swap original Argentine bonds for new bonds, worth less but at least payable and regularly paid.
As this unnecessary default looms (payment must be made by Thursday), it seems Judge Griesa has begun to realize what a mess he has made of things. At least, that is the reading made by The New York Times premier business columnist, Floyd Norris, who wrote about Judge Griesa in Friday's paper.
Here is his conclusion:
"As Wednesday approaches, the judge has a lot to think about. It would be better if he had done some of that thinking before he issued his order, or if the appeals court or the Supreme Court had forced him to do so."
Read the whole column at http://www.nytimes.com/2014/07/25/business/rulings-add-to-the-mess-in-argentine-bonds.html?module=Search&mabReward=relbias%3Aw%2C{%221%22%3A%22RI%3A8%22}&_r=0.
Barry Herman
Julien J Studley Graduate Program in International Affairs
Milano School of International Affairs, Management, and Urban Policy,
The New School
72 Fifth Avenue, Room 624
New York, NY 10011, USA
Mobile: +1-212-671-2480
Email: hermanb@newschool.edu
Faculty web page
Here is something I think will interest the list serve.
Argentina is likely to be called into default on Thursday as the funds it has deposited with a New York bank to be distributed as the next interest payment to its bondholders will remain in the bank thanks to a federal judge in New York. Judge Thomas Griesa had found for a group of hedge funds and says Argentina cannot pay its other bondholders without also paying its holdout creditors who did not agree to swap original Argentine bonds for new bonds, worth less but at least payable and regularly paid.
As this unnecessary default looms (payment must be made by Thursday), it seems Judge Griesa has begun to realize what a mess he has made of things. At least, that is the reading made by The New York Times premier business columnist, Floyd Norris, who wrote about Judge Griesa in Friday's paper.
Here is his conclusion:
"As Wednesday approaches, the judge has a lot to think about. It would be better if he had done some of that thinking before he issued his order, or if the appeals court or the Supreme Court had forced him to do so."
Read the whole column at http://www.nytimes.com/2014/07/25/business/rulings-add-to-the-mess-in-argentine-bonds.html?module=Search&mabReward=relbias%3Aw%2C{%221%22%3A%22RI%3A8%22}&_r=0.
Barry Herman
Julien J Studley Graduate Program in International Affairs
Milano School of International Affairs, Management, and Urban Policy,
The New School
72 Fifth Avenue, Room 624
New York, NY 10011, USA
Mobile: +1-212-671-2480
Email: hermanb@newschool.edu
Faculty web page
