The British newspaper Financial Times warned of several lawsuits before international courts amounting to $31 billion.
The British newspaper The Financial Times warned this Tuesday about “tsunami of trials” against Argentina before international courts. Expropriations and changes in bond payments, some of the cases that could complicate the country. What are the most significant?
“Lawsuits over decisions made by previous governments, from expropriations to changes in bond payments, are advancing in courts in the United States and Europe, and plaintiffs are pressuring the government to negotiate“said the Financial Times.
The The total figure of what the country could pay reaches US$31 billion without interestaccording to Sebastián Maril, CEO of the consulting firm Latam Advisors, cited in the English media article. Although this amount is “speculative” and is being negotiated by the Government, stated the Financial Times.
The biggest lawsuits against Argentina
The greatest demand facing the country is for expropriation of YPF in 2012, during Cristina Kirchner’s second term. In this case, there has already been a conviction by Judge Loretta Preska, where Argentina should pay US$16 billion. That ruling was appealed and is now in the hands of the Second Circuit Court of Appeals in New York.
Another case of expropriation is that of Aerolíneas Argentinas. The Financial Tomes recalled that in August “a US court refused to annul an arbitration award of US$340 million for the expropriation of the airline Argentine Airlines by the Argentine government in 2008″.
Then there are cases linked to change in bond payment methods. In October, the UK Supreme Court rejected an appeal by Argentina to a $1.5 billion judgment “over changes to the way the country calculates GDP, which reduced payments on its growth-linked bonds.” indicated the British media.
Another case is in a US court that could end the seizure of Argentine funds deposited in the United States. The ruling was in favor of a group of creditors who were not paid their debts in Argentina’s sovereign default in 2001. According to the Financial Times, with the seizure they could recover three quarters of a previous arbitration award of US$417 million .
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
