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.