US Court Freezes Argentina’s Assets

Click to Comment → Print

In December of 2001, Argentina defaulted on more than $100 billion dollars in debts to foreign bondholders due to the economic crisis.  After the recent successful nationalization of more than $23 billion dollars of private pension funds, a US court granted a request to freeze the Argentine government’s newly acquired assets.  US District Court Judge Thomas Griesa made the ruling in Thursday, the 11, in response to a motion filed by NML Capital Ltd., which represents some of the bondholders.  After the debt defaulted, the bondholders were either given 30 cents per dollar as retribution, or wait to for the courts to work out a suit.  $553 million dollars were frozen by the court order.

Via: Latin American Herald Tribune

What Do You Think?