For Immediate Release
US Judge Finds Argentina in Contempt
WASHINGTON - US Federal Judge Thomas Griesa held a hearing that found Argentina in contempt and will announce the penalty at a later date. In September, the Argentine Congress passed a debt swap bill aimed at avoiding Judge Griesa's previous ruling to only pay the 92% of Argentina's restructured bond-holders if hold-out hedge funds were paid in full. Griesa had called such moves "illegal."
Eric LeCompte, Executive Director of religious debt relief group Jubilee USA, releases the following statement:
"Holding Argentina in contempt won't help resolve this situation.
"The case highlights the need for a comprehensive bankruptcy process that brings all investors to the table. This is the only way we can have settlements that benefit everyone, not just the special interests of a few."
Read Jubilee USA's press release on today's hearing here.
Read a timeline and history of the Argentina case here.
Read Jubilee USA's filing that urged the Supreme Court to take the case here.
Jubilee USA Network is an alliance of more than 80 religious denominations and faith communities, human rights, environmental, labor, and community groups working for the definitive cancellation of crushing debts to fight poverty and injustice in Asia, Africa, and Latin America.