Thomas Griesa Manhattan and Argentina

sovereign debt: On Wednesday, lawyers for the country asked a U.S. appeals court in New York to reverse a judge who expanded the pool of investors who could join a group lawsuit.U.S. District Judge Thomas Griesa in Manhattan failed to follow instructions from the higher court in his rulings in eight separate cases, the country lawyers contend, according to Bloomberg. While bondholders have routinely won judgments against Argentina, the nation has consistently resisted payment, blocking its access to international credit. Argentina defaulted on a record $95 billion of sovereign debt in 2001 and has spent the past 14 years fighting attempts by various parties to recover what they’re owed. Argentina restructured about 92 percent of its debt in 2005 and 2010, offering new bonds at a discount of about 70 percent. The judge held that the new debt holders can’t be paid until Argentina pays $1.7 billion owed to a group led by hedge funds including Paul Singer NML Capital, a unit of Elliott Management, that hold the older bonds. The restructured bondholders haven’t been able to collect since last year, when Griesa blocked payment of the newer bonds. (news.financializer.com). As reported in the news.