The Progressive


A project of Common Dreams

For Immediate Release

Sophia Har, Communications Director / (o) (202) 783-3566 x101 (m) (651) 815-1818

US Judge Finds Argentina in Contempt


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 interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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