Embargo Placed On Central Bank

Argentina’s central bank reserves dispute suffered an expected escalation when on Tuesday Judge Thomas Griesa from New York State placed an embargo on Argentine central bank accounts held in the United States, following a lawsuit filed by investment funds (or “vulture funds”).

The embargo is for 1.7 million US dollars in favour of the vulture funds but Central Bank president Martin Redrado immediately contacted lawyer John Newhouse from the New York law firm Sullivan and Cromwell to file an appeal first thing Wednesday morning.

Continue reading Argentine Central Bank Reserves Dispute Adds Another Player: New York Judge