First Tentative Salvo In The Argentine Debt War
argentina | by Marcelo | 06 Feb, 2004 at 07:14 AM | comments (2) | trackback (0)

Yesterday, a Maryland judge imposed an inhibition over the contents of a
deposit belonging to the Argentine army. The measure is closer to a "reserve
of rights" than to an embargo, but it does mean that there are now security
guards preventing access to the goods inside the deposit. Ready,...

" comments

according to a Reuters update this morning, the ruling just suspends any changes in the disposition of the property:

"The [Argentine] government cannot sell them or rent them out. It is like saying Argentina cannot sell them until the courts issue their ruling,"

What I find very odd is that both up here and in Buenos Aires, there is no information about the judge, the court, or his jurisdiction, nor who brought the case for the ruling. It'll be interesting to see how this develops, or whether it's just dismissed as a side-show...

Posted by mike d | February 6, 2004 10:06 AM

The ruling was asked by an investment fund, I think, but I haven't heard which one. By itself I think this isn't a very important development, as it was exactly what the last Griesa ruling allowed. But, as you say, if this is just the first one, then we might be in for some interesting legal fireworks.

And then we'll finally learn what, if any, is the Argentine government strategy for the next phase.

Posted by Marcelo | February 6, 2004 10:57 AM

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