US Court To Decide On Argentina’s Reserves

New York’s Court of Appeals will today decide the fate of $105 million of assets belonging to Argentina’s Central Bank, frozen since January when some of the country’s creditors brought a case against the sovereign in the New York Courts after Argentina announced it was to repay its entire IMF debt early, using foreign reserves to help do so. The New York Courts originally ruled in favor of Argentina but the assets, held in the New York Federal Reserve, were placed under embargo and the case was referred to the Appeal Courts after investor groups EM and NML Capital appealed the decision.