{"id":78181,"date":"2023-10-29T12:33:45","date_gmt":"2023-10-29T16:33:45","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/argentina-urges-us-judge-to-put-16-1-billion-ypf-judgment-on-hold\/"},"modified":"2023-10-29T12:33:48","modified_gmt":"2023-10-29T16:33:48","slug":"argentina-urges-us-judge-to-put-16-1-billion-ypf-judgment-on-hold","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78181","title":{"rendered":"Argentina urges US judge to put $16.1 billion YPF judgment on hold"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of Argentina’s state energy company YPF is seen at a gas station, in Buenos Aires, Argentina February 10, 2021. Picture taken with a slow shutter speed and a zoom effect. Picture taken February 10, 2021. REUTERS\/Matias Baglietto\/File <\/span>
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By Jonathan Stempel<\/p>\n

NEW YORK (Reuters) – Argentina urged a U.S. judge not to enforce a $16.1 billion judgment arising from the government’s 2012 seizure of a majority control in state-controlled oil company YPF, while the cash-strapped country appeals the judgment.<\/p>\n

In a Thursday night filing with the U.S. District Court in Manhattan, Argentina said enforcing the “truly overwhelming” judgment or requiring that it post bond would “cripple a nation already suffering from severe inflation and drought.”<\/p>\n

Argentina said enforcing the judgment, equal to nearly 20% of its budget, would make it harder for the country to stabilize its currency and reduce its $235 billion debt burden.<\/p>\n

It also said enforcement would cause “serious hardship” to its more than 45 million people, making it more difficult to provide energy, health, transportation, water and sewage and other services.<\/p>\n

The judgment arose from Argentina’s decision to seize in April 2012 a 51% YPF stake held by Spain’s Repsol (OTC:), saying underinvestment justified the takeover, without tendering for shares held by minority investors.<\/p>\n

Two investors, Petersen Energia and Eton Park Capital Management, sued, and last month U.S. District Judge Loretta Preska awarded them the $16.1 billion including interest.<\/p>\n

Burford Capital, which funded the litigation and last month said it was entitled to a respective 35% and 73% of Petersen’s and Eton Park’s damages, has called Preska’s decision a “complete win.”<\/p>\n

Argentina had argued it should pay no more than $4.92 billion. Repsol ultimately received about $5 billion of compensation.<\/p>\n

Lawyers for Petersen and Eton Park did not immediately respond to requests for comment on Friday.<\/p>\n

Preska would decide whether to stay enforcement of the judgment while Argentina appealed to the 2nd U.S. Circuit Court of Appeals in Manhattan.<\/p>\n

The country is struggling with more than 100% inflation, scarce foreign exchange reserves, and rising poverty.<\/p>\n

It will next month hold a presidential election runoff between Sergio Massa, economy minister of the ruling center-left Peronist coalition, and Javier Milei, a far-right libertarian economist.<\/p>\n

Massa’s first-place finish in Sunday’s general election was a surprise. Milei had been leading many opinion polls. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of Argentina’s state energy company YPF is seen at a gas station, in Buenos Aires, Argentina February 10, 2021. Picture taken with a slow shutter speed and a zoom effect. Picture taken February 10, 2021. REUTERS\/Matias Baglietto\/File By Jonathan Stempel NEW YORK (Reuters) – Argentina urged a U.S. judge […]<\/p>\n","protected":false},"author":1,"featured_media":2360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-78181","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nArgentina urges US judge to put $16.1 billion YPF judgment on hold | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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