Economy Minister Axel Kicillof held a press conference today and announced the government was starting judicial actions to have the “pact” signed between the Citigroup and vulture funds back in March declared void.
“The pact that they signed in New York, we are requesting justices to declare it illegal, void, inexistent in Argentina,” Kicillof said as he started to address reporters at the Economy Ministry adding he was also demanding justices here for an injunction that suspends the implementation of the agreement in the country.
“We need justice to act in the shortest way and stop all the decisions that come from this pact that have no validity in the territory of Argentina,” the minister stated.
“We know justice grants a lot of injunctions against the state, now it is in defence of the very own Argentine judicial system and in defence of the country.”
Making a “chronology” of the recent events in Argentina’s dispute against vulture funds suing the country over its defaulted bonds more than a decade ago, Kicillof assured the “pact” was “affecting the clients” of the bank.
“They have extorted the Citi,” he said of vulture funds.
“The Citi to come out from the blackmail did what Argentina will not do, which is to give in to extortion and sign a pact with the devil in detriment of the Argentine law and again its own clients,” Axel Kicillof said accusing US District Court Judge Thomas Griesa of “beating his own record of lack of judicial criteria” when he told in March 2015 the Citigroup it could not pay bonds issued under Argentine law.
“Griesa extends his arm outside his jurisdiction,” the minister added and said the Citigroup “instead of keep on battling that decision which they acknowledged was unfair, affecting operations sin Argentina, their clients and despite that they signed the pact with vulture funds,” leaving a business that left the group «17 million dollars annually.»
“They threw their clients into a broiler,” Kicillof said of the controversial New York agreement.
Source: Buenos Aires Herald