Argentina, who had been blocked from transferring bond payments directly to the bondholders by US District Judge Thomas Griesa, side stepped that order on September 30, 2014, by depositing $161 million in Nacion Fideicomisos SA in Argentina.
This payment to the owners of the Par bonds was to satisfy the reduced amount the holders had agreed to take for the 2001 default. Judge Griesa had ruled that Argentina can’t pay restructured bond holders until it compensates the hedge funds that instituted the litigation in US Courts against Argentina for failing to pay the full value of the bonds which were defaulted on more than 10 years ago.
Judge Griesa has declared Argentina in contempt of court for failing to comply with his order.
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