UPDATE 3-U.S. appeals court says bondholders cannot seize Argentina's reserves

lunes 31 de agosto de 2015 20:07 GYT
 

(Adds statement from Argentine economy ministry)

By Nate Raymond

NEW YORK Aug 31 (Reuters) - Argentina's central bank on Monday won the reversal of a U.S. court ruling that had allowed bondholders to try to hold it responsible for the country's obligations on debt that has been in default since 2002.

The 2nd U.S. Circuit Court of Appeals in New York overturned a 2013 ruling denying a bid by Banco Central de la República Argentina (BCRA) to dismiss claims by U.S. investment firms holding $2.4 billion in judgments against the South American country.

U.S. District Judge Thomas Griesa had previously held that the central bank had waived its sovereign immunity, and that as a result, the hedge funds could move forward with a lawsuit targeting the bank's assets.

Argentina is lobbying internationally for tighter controls on the activities of junk debt specialists, which President Cristina Fernandez's leftist government brands "vultures."

The ruling "sets an international precedent and guarantees that vulture funds will not be allowed to seize the reserves of the central bank," bank President Alejandro Vanoli said in a statement.

"Once again, as Argentina has often expressed, Judge Griesa's absurd decisions are without judicial grounds," the economy ministry said in a separate statement.

Argentine bonds traded over-the-counter recovered early-session losses after the ruling.   Continuación...