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federal judge in new york, loretta brisca, It ruled on Monday in favor of Argentina in a GDP-linked coupon trial, against a claim by a group of investment funds from the United States. The judge denied the claim of the plaintiffs, who obtained a positive ruling in the British courts.
the judge Loretta Prisca “Rules in favor of the Argentine Republic in the PBI voucher case (2019),” the financial expert said on the social network “X”. sebastian Marel, Which follows in detail the development of these lawsuits filed against the Argentine state abroad. He pointed out, “This ruling relates to the lawsuit filed in 2019 in New York for more than $500 million.” There is another case brought by the same plaintiffs and the Bank of New York as representative of all bondholders that remains open. This second trial, worth $6,000 million, certainly went through the right door.
Sébastien Marel, CEO of Latam Advisor, explained to information “In Presca's ruling, he did not talk at all about the national index to measure economic performance, nor did he talk about Argentina's possible bad faith in changing the formula by which it estimated its GDP weeks before the 2013 payment was announced. Presca devoted one paragraph to this issue.” of INDEC, saying that this trial is not related to the organization or to Argentina's possible bad faith in miscalculating GDP.
“This is a technical matter: Clauses 4.8 and 4.9 of the prospectus, which are called no Work condition This prevents the plaintiffs from bringing this suit for reasons A, B, and C, which I will not explain now. The reason he submits is that this claim could not have been brought by the plaintiffs as it stands because it did not comply with the no-action clause; That is, they entered through the wrong door. “It will have to be seen whether the new lawsuit filed in 2023 is affected by this Preska ruling,” Marel explained.
In principle, the Argentine state Avoids paying about $1.4 billion This is the first case in US courts against a lawsuit brought jointly by funds Aurelius Capital, Novoriver, ACP, 683 Capital, WASO and Romano, among others.
In March 2014, the government Christina Kirchner It was determined that the growth of economic activity in Argentina was lower than initially reported, and with this new data the Treasury was exempted from paying the coupon.
On March 27, 2014, the then Minister of Economy Axel Kiselov It reported that in 2013 the economy grew by 3%, less than the 3.22% needed to trigger a GDP voucher payment. “It is a very good performance of the Argentine economy in an adverse international context,” said the head of the Treasury Palace, explaining that this rate is “about six times greater” than the rate of economic expansion witnessed by Germany.
As it was clear who EMAE (Monthly Estimate of Economic Activity) issued by INDEC, corresponding to December 2013 – and published on February 21, 2014 -, the Argentine economy grew by 4.9%, but in March 2014 the statistical body published a report Consolidated quarterly GDP dataWith a decline in annual growth of 3% for the year 2013. The result was lower than expected because the index explained that it changed the base year to 2004 instead of 1993 to calculate the performance of the economy.
In March 2018, INDEC was already normalized under the presidency Mauricio is craftyI recalculated the economic expansion of previous years and determined that Argentine GDP grew by 2.4% in 2013, a figure that confirms that the GDP coupon payment was not appropriate in 2014.
The most important effect was that in this way the Argentine government avoided paying more than 3000 million US dollars for this amount. notepublic security is linked to the growth of the previous year, in this case 2013, which did not prevent claims of owners abroad that are still in the process of being resolved.
Manipulation of data on the national index to measure national economic growth was evident during the second government of Cristina Kirchner, but data on economic growth was sometimes subject to scrutiny due to the fiscal cost included in the GDP voucher, an incentive offered to private creditors who accepted historical debt restructurings. Sovereign. With an amount of over US$100,000 million, it was completed in February 2005 by the Government of Nestor Kirchnerwith Roberto Lavagna At the head of the Ministry of Economy, which put an end to the default situation that began in December 2001.
Lawsuits abroad are not only filed in U.S. courts. The British courts convicted the Argentine state because statistical manipulation during the administration of Cristina Kirchner affected the interests of holders and reduced their profitability in the case of coupons linked to GDP.
As a result, a government was established Javier Miley He appealed the decision and last week established a $337 million fund as guarantee to continue the judicial process.
