Law Abiding: Argentina warns banks

BUENOS AIRES: President Cristina Kirchner has warned that banks operating in Argentina must obey its laws, amid a row over Citibank’s refusal to defy a US court order blocking Buenos Aires from repaying its restructured debt. She did not mention Citibank by name, but the comment was widely seen as a veiled reference to the US bank. Citibank has been drawn into a bitter court battle between Argentina and two hedge funds that refuse to accept the country’s bid to restructure the debt it defaulted on during its 2001 economic crisis. “Kirchner’s government, which has been forced into a new default by the ruling, has threatened to revoke Citibank’s Argentine banking license if it does not process the payments.”

Published in The Express Tribune, March 22^nd, 2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.