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Judi Lynn

(160,076 posts)
Sun Apr 8, 2012, 03:05 PM Apr 2012

Obama administration sides with Argentina in case filed by ‘vulture funds’

Saturday, April 7th 2012 - 07:07 UTC
Obama administration sides with Argentina in case filed by ‘vulture funds’

In a document named “Amicus Curiae” the administration of President Barack Obama on Thursday urged the US Circuit Court of Appeals in New York to reverse rulings directing Argentina to make payments to Elliott Management Corp.’s NML Capital Fund before it makes payments to others on bonds the republic issued in its 2005 and 2010 debt restructurings.

Argentina identifies Elliott Management Corp.’s NML Capital Fund as a “vulture fund”

US District Judge Thomas P. Griesa in December and February issued the rulings that the U.S. now seeks to reverse.

The US government said in a legal brief that Griesa’s interpretation of a contract clause “could enable a single creditor to thwart the implementation of an internationally supported restructuring plan, and thereby undermine the decades of effort the United States has expended to encourage a system of cooperative resolution of sovereign debt crises.”

More:
http://en.mercopress.com/2012/04/07/obama-administration-sides-with-argentina-in-case-filed-by-vulture-funds

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Obama administration sides with Argentina in case filed by ‘vulture funds’ (Original Post) Judi Lynn Apr 2012 OP
Millions in misery so a few can profit? Turbineguy Apr 2012 #1
It would have been best if the administration said nothing naaman fletcher Apr 2012 #2
 

naaman fletcher

(7,362 posts)
2. It would have been best if the administration said nothing
Mon Apr 9, 2012, 09:30 AM
Apr 2012

but it would have been hard for them to support Argentina.

Under the laws in force today, the vulture fund is entirely correct. The issue, however, is weather or not nations ought to have some internationally recognized form of bankruptcy where debts can be discharged.

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