RE: Seb reports Argentina's quick reply...2 Jul 2025 12:53
...and shows his exasperation :
🔴Contextualizing the magnitude of the YPF expropriation case:
- A $16.1 billion judgment against the Republic, with interest accruing at approximately $2.5 million per day.
- Three concurrent appeals filed by Argentina in the U.S. Second Circuit Court of Appeals.
- Asset enforcement or judgment recognition proceedings initiated across seven jurisdictions: the U.S., U.K., Ireland, Luxembourg, Cyprus, Spain, and Australia—raising questions about mounting legal costs for the Republic.
- A U.S. court has already authorized the attachment of 51% of YPF shares held by the Argentine state.
- Plaintiffs have formally requested that the U.S. court designate the Central Bank of Argentina (BCRA), YPF, Aerolíneas Argentinas, ENARSA, and ARSAT as “alter egos” of the Republic—an effort aimed at piercing the sovereign veil and targeting their assets for enforcement.
Difficult to understand why the government continues to kick the can down the road."
and rejects a La Nacion article suggesting that there's nothing to seize and past attempts haven't been successful:
.."Two clarifications for LA NACION:
1) Judge Preska is not searching for sovereign assets. It is not her duty. She only authorizes or rejects seizures.
2) Yes - assets WERE found: collateral from Brady Bonds (already seized) and an abandoned property owned by the State in Washington.
Additionally, all assets of BCRA, Aerolíneas, YPF, ARSAT, and ENARSA, [ become 'seizable'] provided that Judge Preska considers them the "Alter Ego" of the State."
At some point, the extent of Argentina's predicament will become apparent.
Hat tip to Seb for 'educating' the domestic audience.
GLA
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