The immediate goal is to allow Argentina to make good on a debt payment of US$200 million that comes due on September 30. It is the latest move by President Cristina Kirchner's administration in a legal tussle with creditors who have refused to join a restructuring deal following Argentina's 2001 default on US$100 billion of debt.
Under the restructuring deal, 93 per cent of the country's creditors accepted a cut of 70 per cent of the face value of their Argentine holds. But two foreign hedge funds, NML Capital of US billionaire Paul Singer and US-based Aurelius Capital Management, refused to accept the write-down on US$1.3 billion owed to them and won a court battle that led to a new Argentine default in July.
A New York judge, Thomas Griesa, ordered Argentina to pay the funds in full, and prevented the country from repaying its other creditors until it fulfills the requirement.
Under the new Argentine law, the repayment location is moved from New York to either Buenos Aires or Paris - defying the US judge's ruling that to move the repayment site outside the United States would be illegal. The vote came after a marathon 17-hour session in congress that began at midday on Wednesday. Kirchner used her majority in the legislature to get the bill through.................AFP...............http://www.channelnewsasia.com/news/business/international/argentina-passes-law-to/1357466.html
11/9/14
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Argentina’s government calls Congress to condemn Griesa's 'imperialist' statements
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