NEW YORK, N.Y. – A New York judge has sided with Argentina in its debt standoff, agreeing to let his orders protecting creditors expire as nearly $10 billion in debts is paid off in a series of settlements reached over the last month.
Federal Judge Thomas Griesa (GRIZ’-ay) in Manhattan said in a written ruling Wednesday circumstances have changed so significantly his earlier orders have become detrimental to the public interest.
The ruling came a day after the judge heard some lawyers for creditors urge him to delay for a month a decision to lift his orders. He has said his orders protecting creditors can expire once Argentina clears legislative obstacles and makes full payment on deals it reached by Monday.
Creditors holding about $8 billion in bonds have settled. About 15 per cent of creditors have not.