Economy Minister Axel Kicillof has reminded Citibank that breaking Argentine law “has consequences”, while accusing New York district judge Thomas Griesa of “looking after vulture funds’ interests.”
Citigroup Inc said today it plans to exit its custodial business in Argentina as soon as possible, after Griesa refused to lift an injunction that blocked the bank from processing interest payments on $2.3 billion of Argentina bonds.
“Breaking Argentine law has consequences. The bank itself had explained that if it doesn’t pay its customers, it will be breaking the law,” Kicillof told reporters today.
The government had previously threaten Citibank with severe sanctions, including suspending the bank’s licence to operate in Argentina, as it did with the Bank of New York (BONY) when it decided to obey Griesa’s ruling above Argentine laws.
Source: Buenos Aires Herald