Gesamtzahl der Seitenaufrufe

Samstag, 28. Februar 2015

Now that Greece and the Eurogroup are back on the same page and "cooperating" to use a game theory term, and any attempts of Eurozone "defection", pardon the pun, by the Syrizia government have been postponed until the 4 month bailout extension runs out in June when the entire charade is set to repeat, it is critical for Greece to undo the mess that the Troika did when heading into the mid-February negotiations, the ECB did everything in its power to foment a massive bank run by spooking both banks and citizens that their funds may be Corzined, or otherwise capital controlled, thereby crushing any negotiation leverage the Tsipras government may have (just as we had laid out previously)

As Greece Scrambles To End Its Bank Run, JPM Throws A Wrench: Says Deposit Outflows Continued After "Deal"

Tyler Durden's picture




 
Now that Greece and the Eurogroup are back on the same page and "cooperating" to use a game theory term, and any attempts of Eurozone "defection", pardon the pun, by the Syrizia government have been postponed until the 4 month bailout extension runs out in June when the entire charade is set to repeat, it is critical for Greece to undo the mess that the Troika did when heading into the mid-February negotiations, the ECB did everything in its power to foment a massive bank run by spooking both banks and citizens that their funds may be Corzined, or otherwise capital controlled, thereby crushing any negotiation leverage the Tsipras government may have (just as we had laid out previously).
What we do know, is that it didn't take much, and sure enough in the month of January, Greek banks suffered the biggest deposit outflow in both absolute and relative terms in Greek history.

One can only guess how bad it must have gotten in February, when rumors of €1 billion daily outflows were a daily occurence, and when even the likes of Stratfor reported (incorrectly as per official denials) that one of the largest Greek banks, Piraeus had run out of cash into month end.
As a result, everyone in Greece is now in full-blown confidence rebuilding mode in a desperate attempt to restore some of the deposit outflows, which have pushed total Greek deposits back to 2005 levels, even though nothing has been resolved vis-a-vis long-term Greek sustainability. As the WSJ reported late last week, "according to one senior banking official, more than €800 million ($905 million) in deposits have been put back into the Greek banking system since Monday when Greece’s banks were closed for a public holiday. “We saw €700 million return on the first day and another €150 million yesterday,” the banking official, speaking on the sidelines of central bank conference, told journalists. “Things are going well.”
Maybe, or maybe this is just yet another attempt to play off the public mood, because while as recently as 2 weeks ago the western media was desperate to see lines in front of Greek ATMs to accelerate the Greek government's folding to the Troika's demand (which ultimately happened), now it is just trying to talk back some of these destructive, confidence-crushing innuendos.
To be sure, the WSJ noted as much: "But, in fact, the money that has dribbled back since last Friday’s deal, pales in comparison with the amount withdrawn in the past three months, say analysts, and it will take several months of inflows to confirm that the trend is here to stay. And, if past experience serves as precedent, many of the deposits that have left, may never come back."
“These figures are a good starting point but a reversal of this trend will take a few more quarters to appear,” said Nikos Magginas, a senior economist of National Bank of Greece . “People are waiting for more signs of stability, such as the successful review of the country’s reforms program. Two to three more supportive events are needed to secure this stability but this takes time.”
There is an even less pleasant possibility: namely that Greek bankers and media outlets, knowing just how close they are to total collapse if the deposit outflow continues, which itself is a function of confidence in the local financial system (or lack thereof),  even as the ECB refuses to grant Greece any further funding, are simply lying.
This is the possibility articulated, in more politically correct phrasing of course, by JPM's Nikolaos Panigirtzoglou, in his latest "Flows and Liquidity" piece:
Our daily proxy of deposit outflows based on the purchases of offshore money market funds by Greek citizens, which is one way for Greek citizens to deploy their withdrawn deposits, was €64m this week (Mon to Thu), sharply lower than the €153m during the previous week (between Feb 13th and Feb 20th), €104m during the week between Fed 6th and Feb 13th, and €62m between Jan 30th and Feb 6th. While it is encouraging that the latest Eurogroup agreement with the Greek government caused a sharp decline in deposit outflows this week, our deposit outflow proxy suggests that Greek banks have not stopped bleeding. This is inconsistent with the statement by the Greek finance minister that €700m returned to Greek banks after Eurogroup’s deal.
So yet another accusation, as diplomatic as it may have been phrased, that Varoufakis lied. There seems to be quite a few of those lately...
Of course, maybe Varoufakis did not lie: he simply forgot to let the European Commission check the math (they seem to do a good job of at least converting his doc files to pdfs).
It is possible that the rise in retail deposits referred to by the Greek finance minister included the month-end payment of pensions which typically results in a transfer of bank deposits from government organizations to households.
So what does the math come out to?
What do the above offshore money market fund purchases imply about Greek bank deposit outflows? The rule of thumb we used before based on December flows was that each €100m of purchases of offshore money market funds are associated with around €3bn of deposit outflows. January data point to a somewhat lower ratio with €562m of offshore money fund purchases corresponding to €12bn of deposit outflows. Applying January’s proportionality to February, we calculate that the €292m of purchases of offshore money market funds in February were associated with bank deposit outflows of around €6bnThis week’s €64m of purchases of offshore money funds mechanically point to deposit outflows of around €1bn.
In other words, if JPM is correct, not only did the January outflows not cease in February, but what's even worse, is that in the last week of the month, when after the "deal", people would feel confident enough to return to their banks, another €1 billion of deposits were withdrawn. In total, this means that Greek deposits will have fallen to just about €140 billion as of today - the lowest level since March of 2005.
Worse, assuming an NPL ratio of around 40%... 
... the continued deposit flight suggests that Greek banks indeed have at most a few days of cash left, and the Cyprus "blueprint" scenario is increasingly likely, unless the ECB either boosts its ELA allotment for Greece, or once again allows Greek debt to be used as collateral in ECB operations. So far, the ECB has been mum on the possibility of either of those.
All of this, of course, assumes that Greece somehow manages to get its already unconfident citizens to resume paying taxes, or else the government will have no remaining cash with which to either run the country or repay the IMF's significant loan maturity in March, which as we preciously noted, is an increasingly possible outcome.
In short: assuming JPM's math is accurate, not only is Greece not out of the woods despite the "bailout extension deal", but the woods are getting darker and more deadly with every passing minute.

Regimekritiker Wer tötete Boris Nemzow? Er war einer der Führer der Opposition, vier Kugeln trafen ihn in den Rücken. Der Kreml hatte ihn als Verräter diffamiert. Nun verspricht Putin Aufklärung.


RegimekritikerWer tötete Boris Nemzow?

Er war einer der Führer der Opposition, vier Kugeln trafen ihn in den Rücken. Der Kreml hatte ihn als Verräter diffamiert. Nun verspricht Putin Aufklärung.

© APVergrößernDie Spuren zerfliessen: Ein russischer Polizist neben der Stelle, an der Boris Nemzow in Moskau erschossen wurde
Die Brücke über den Moskau-Fluss ist an diesem Morgen, keine zehn Stunden nach dem Mord an Boris Nemzow, ein trüber Ort: Regentropfen, Böen, Pfützen. Wenige Meter von der Stelle entfernt, an der vier Kugeln einen der Führer der russischen Opposition in den Rücken trafen, ragen die Kuppeln der Basilius-Kathedrale in den grauen Himmel. Die Stelle, wo Nemzows Leichnam lag, ehe er in einer schwarzen Plane abtransportiert wurde, ist mit einem orange-weißen Verkehrshut markiert. Er steht da wie ein Warnsignal an einer Unfallstelle. Auf dem Kegel steckt ein Foto: Nemzow mit Lesebrille vor einem seiner Berichte über Reichtümer des russischen Präsidenten. „Das Leben des Galeerensklaven“ heißt der – so hatte sich Wladimir Putin in Anbetracht seiner Mühen an der Staatsspitze selbst genannt.
Über Verkehrshut und Brückenbrüstung hinweg können die Leute, die an den Tatort gekommen sind, die Ziegelmauer und die Türme des Kreml sehen. Bei Sonne strahlen sie rot, fast grell. Jetzt leuchten nur die Blumen, die Trauernde bringen. Rosen, Nelken, auch ein paar Sonnenblumen. Der Strom von Menschen, die Blumen niederlegen, reißt nicht ab. Und so bildet sich eine Wand von Blumen um den Verkehrshut. Wie ein Schutzwall. Ein Symbol der Achtung vor Boris Nemzow. Und ein Symbol der Hilflosigkeit gegenüber dem Kreml.

Ein Mann „ohne Krawatte“ – volksnah und hemdsärmelig

Freunde und Weggefährten des Oppositionspolitikers sind an den Tatort gekommen. Ein alter Mann mit Mütze und abgewetzter blauer Jacke blickt auf das Foto. Er sagt, er sei Mitglied in Nemzows „Republikanischer Partei Russlands – Partei der Volksfreiheit“. Die Partei mit dem umständlichen Namen war der letzte von vielen Versuchen Nemzows, in seiner Heimat für liberale Ideen, saubere Wahlen und gegen Korruption zu kämpfen. Fragt man den alten Mann, wie Nemzow war, sagt er als Erstes: „Er war mutig.“ Dann kommen Wörter wie: kompromisslos. Geradeheraus. Und: „Kein Faschist.“ Das hebt der Mann hervor, weil Nemzow im Kremlrussland zuletzt als „Verräter“ galt, als Teil einer „fünften Kolonne“ des Westens, die Faschisten in der Ukraine unterstütze. Nemzow sei, erinnert sich der Parteigenosse, ein Mann „ohne Krawatte“ gewesen. Volksnah und hemdsärmelig. Und ohne Leibwächter.
Mehr zum Thema
So auch in seiner letzten Nacht, als Nemzow über diese Brücke ging, begleitet von seiner jungen ukrainischen Lebensgefährtin. Kurz zuvor hatte er ein Radiointerview gegeben. Auf Echo Moskwy, dem Sender, in dem russische Oppositionelle noch zu Wort kommen, sprach er von „Putins unsinniger Aggression“ gegen die Ukraine und den Zusammenhang mit Russlands Wirtschaftskrise. Über den Fluss liefen Nemzow und seine Begleiterin nach Süden. In die Richtung, in der das Büro von Nemzows Partei und seine Wohnung liegen. Aus einem weißen Auto, so die Ermittler, sei mindestens sieben Mal auf den Politiker geschossen worden. Vier der Kugeln trafen ihn in den Rücken. Er starb sofort. Die Frau blieb unverletzt.
33270076© AFPVergrößernDer Tatort in unmittelbarer Nähe des Kreml
Ein Mann bahnt sich den Weg durch die Menge der Kameramänner, hält vor dem Foto von Nemzow inne und schlägt die Hände vors Gesicht. Er sei ein langjähriger Freund, sagt er. Auch er erzählt von dem Toten. Vor allem von dessen Feldzug gegen die herrschende Clique um Putin. „Er war ein echter Politiker“, sagt der Freund. Nicht so einer wie diejenigen, die nun in der Duma säßen: Vasallen der Macht, die nur auf den eigenen Vorteil schauten. Ob er denn keine Angst habe, habe er Nemzow einmal gefragt. „Er klopfte mir auf die Schulter und sagte: Wenn sie mich töten wollen, töten sie mich.“

„Er hat viele gestört“

Nemzows Tod, sagt der Mann, sei für viele von Vorteil. „Er hat viele gestört.“ Nemzow habe „keine Angst vor dem Sumpf“ gehabt. „Er starb für die Wahrheit.“ Nemzow nannte Zahlen und Namen, die das Ausmaß von Korruption und Misswirtschaft in Russland verdeutlichen sollten. Immer wieder zielte er auf Putin persönlich. Etwa in seinem Bericht „Putin. Bilanz von zehn Jahren“ aus dem Jahr 2010. Er schloss mit den Worten: „Putin, das ist Korruption, Zensur, Rohstoffabhängigkeit Russlands, soziale Ungleichheit, Entvölkerung.“ Die „Entputinisierung“ Russlands sei die „einzige Chance, das Land aus der Sackgasse zu ziehen“.
Durchsuchungen bei Oppositionsführern in Moskau© DPAVergrößernDer Oppositionspolitiker Boris Nemzow bei einer Demonstration gegen Putin 2012 in Moskau.
Nemzow wurde 1959 in Sotschi geboren. Er studierte Mathematik und Physik. Zu sowjetischer Zeit arbeitete er daran mit, eine Antwort auf das amerikanische Programm „Krieg der Sterne“ zu entwickeln. Später, zur Zeit der Perestrojka, sprach er sich öffentlich gegen den Bau eines Atomkraftwerkes in Nischnij Nowgorod aus, wo er mittlerweile wohnte. Nicht aus grundsätzlichen Erwägungen gegen Atomkraft, sondern weil die Leitungen der Stadt zu marode waren. So begann seine politische Karriere. Mit Anfang 30 wurde er Gouverneur von Nischnij Nowgorod, Anfang der neunziger Jahre. Er privatisierte die ersten Kolchosen und Sowchosen. Nemzow wurde zum Jungstar, international gefeiert, er holte Investitionen in die Region.
Er sammelte auch eine Million Unterschriften gegen den ersten Tschetschenien-Krieg. Dennoch holte ihn der damalige Präsident Boris Jelzin 1997 als stellvertretenden Ministerpräsidenten nach Moskau. Nemzow erzählte später, Jelzin habe eingesehen, dass der Krieg ein Fehler war. Als „einen Sohn“ habe der Präsident ihn gesehen. Dennoch verlor Nemzow schon im Jahr darauf seinen Regierungsposten. Als Jelzin dann Putin zu seinem Nachfolger bestimmte, lobte Nemzow diesen zunächst als bestmögliche Wahl. Später bezeichnete er das als Fehler.

Image eines lausbubenhaften „Rebellen“

Er kritisierte nicht nur Putins Politik, sondern auch die Person – aus eigener Anschauung. Etwa das Verhalten des Präsidenten bei der Geiselnahme im Moskauer Dubrowka-Theater im Oktober 2002. Damals wurden 129 Geiseln getötet, die meisten durch ein Gas, das die Sicherheitskräfte vor dem Sturm in das Gebäude geleitet hatten. In seinem Buch „Beichte eines Rebellen“ schilderte Nemzow fünf Jahre danach die Situation vor dem Sturm: Die tschetschenischen Geiselnehmer hätten darauf bestanden, mit ihm sowie mit dem damaligen Moskauer Bürgermeister Jurij Luschkow zu verhandeln.
Putin habe sie aber beide persönlich gebeten, es nicht zu tun. Sie hätten sich gefügt, schließlich sei Putin als Präsident der Verantwortliche gewesen. Später habe ihm, schrieb Nemzow, der damalige Leiter der Präsidialverwaltung gesagt, warum: Der Präsident habe vermeiden wollen, dass Nemzow und Luschkow bei den Wählern beliebter würden. Selbst in diesem „für das Land tragischen Moment“ habe Putin ständig an sein „Rating“ gedacht, schrieb Nemzow. „Das werde ich nie verstehen.“
2003 verlor er seinen Sitz im Unterhaus des Parlaments, der Duma. Immer mehr entwickelte sich Nemzow zu einem der Wortführer der außerparlamentarischen Opposition. Er kultivierte, auch in derber Sprache, das Image des unerschrockenen, vitalen, lausbubenhaften „Rebellen“, der die Mächtigen herausfordert. Auf kaum einer Demonstration fehlte er. 2013 errang er noch einmal ein Mandant im Regionalparlament von Jaroslawl – so wurde er dann auch auf Veranstaltungen angekündigt, wie ein trotziges Understatement: „Es spricht der Abgeordnete aus Jaroslawl ...“
Im Herbst vorigen Jahres versuchte Nemzow, ein neues Bündnis der Oppositionsparteien zu schmieden: „Für eine europäische Wahl“, gegen Putins demonstrative Hinwendung nach Osten, nach China. Da war Nemzow schon gegen die Annexion der Krim und gegen den unerklärten Krieg mit der Ukraine eingetreten. Er sagte seine Meinung offen: Putin habe „Angst vor einer Wiederholung des Majdan in Moskau“, daher müsse er zeigen, dass eine Revolution im Chaos ende. Seine Mutter, sagte Nemzow erst vor zweieinhalb Wochen in einem Interview, bitte ihn ständig, aufzuhören, über Putin zu fluchen: „Er wird dich töten!“ Ein wenig fürchte er das auch, sagte Nemzow. „Aber wenn ich große Angst hätte, würde ich keine Oppositionspartei führen, würde ich nicht das tun, was ich tue.“

„Ohne Hoffnung geht es nicht“

Auf der Brücke über dem Moskau-Fluss blicken die Trauernden auf das Blumenmeer. Traurig und fassungslos. Es ist, als wäre der Krieg im Herzen ihrer Stadt angekommen. „Ich dachte, die Zeit der Liquidierungen auf offener Straße wäre vorbei“, sagt der Freund Nemzows und meint die neunziger Jahre. Es mangelt nicht an Trauer- und Beileidsbekundungen. Auch aus dem Lager der Macht, sogar von höchster Stelle, von Putin persönlich. Es werde alles getan, um die „Organisatoren und Ausführenden dieses gemeinen und zynischen Mordes“ zur Verantwortung zu ziehen, heißt es in einem Beileidstelegramm an die Mutter Nemzows, dessen Wortlaut der Kreml veröffentlicht.
People gather at the site where Boris Nemtsov was recently murdered, in central Moscow© REUTERSVergrößernNahe dem Tatort versammeln sich am Samstagabend zahlreiche Trauernde.
In ersten Hypothesen spricht das Ermittlungskomitee von einer möglichen „Provokation“ zur „Destabilisierung“ der Lage im Land, mit Nemzow als „sakralem Opfer“. Man prüfe auch eine „islamisch-extremistische Spur“: Nemzow sei wegen seines Eintretens für die Karikaturen von „Charlie Hebdo“ bedroht worden. Man prüfe ferner einen geschäftlichen oder persönlichen Hintergrund. In Betracht komme aber auch ein Bezug zur Ukraine: „Es ist kein Geheimnis, dass es auf beiden Seiten des Konflikts sehr radikale Personen gibt, die sich keinerlei Staatsgewalt unterordnen.“
Später wird eine „Quelle in den Sicherheitskräften“ mit der Aussage zitiert, vieles spreche für „rechtsextreme Radikale“ als Täter, die sowohl die Regierung als auch die Opposition als Gegner sähen. Auf genau jene „Radikalen“ setzt freilich der Kreml in der Ostukraine und bietet ihnen seit einem Jahr eine Art Abenteuerspielplatz samt Waffen, großrussischer Ideologie und Beweihräucherung in allen staatlichen Fernsehkanälen – während in Russland selbst Oppositionelle wie Nemzow als „Verräter“, „Fremde unter uns“ diffamiert werden. „Es gibt keinen Putin, der den Befehl zum Mord gibt“, schrieb die Journalistin Xenia Sobtschak am Samstag, aber sehr wohl einen Putin, der die Kontrolle über einen von ihm geschaffenen „Höllenterminator“ verloren habe.
Die Leute auf der Brücke fordern eine „offene Ermittlung“ und eine Bestrafung der Schuldigen. Hoffen sie auch darauf? „Hoffnung gibt es immer“, sagt Nemzows Freund. „Ohne Hoffnung geht es nicht. Auch Boris hoffte.
© AFP, REUTERSVergrößernPutin-Gegner Nemzow in Moskau erschossen

jede Menge Lesestoff zu den US / Elliott / Argy Auseinandersetzungen....

Collected below are various source materials and other publications relating to this matter.
17 Feb 2015 Memo of Law on behalf of Citibank 
17 Feb 2015Declaration of Federico Elewaut (Citibank Argentina)
17 Feb 2015Plaintiffs’ Supplemental Memo in Opposition to Citibank’s Application 
17 Feb 2015 Argentina’s Memo of Law in Support of Citibank’s Application regarding Argentina Law Bonds 
17 Feb 2015 Endorsed letter relating to briefing schedule for “me too” motions pending before Judge Griesa 
13 Feb 2015English Court Judgment in Knighthead Master Fund et al v. The Bank of New York Mellon et al
11 Feb 2015Amicus brief of The Clearing House Association (Citibank case)
11 Feb 2015District Court Order authorizing The Clearing House Association to appear as an amicus(Citibank case)
20 Jan 2015Stipulation regarding discovery from Euroclear
6 Jan 2015District Court Order setting hearing in Citibank’s application for March 3, 2015
24 Dec 2014Letter from NML’s counsel regarding scheduling of “me too” applications
23 Dec 2014Second Circuit affirmance of order authorizing further discovery of Argentina
8 Dec 2014Letter from counsel to US “Ratable Payment” plaintiffs to English counsel for Euro Bondholder’s, regarding participation in English action
25 Nov 2014District Court order denying Euro Bondholders’ motion to clarify
25 Nov 2014Letter from Euro Bondholders regarding motion to clarify
10 Nov 2014 Scheduling Order (Citibank case)
7 Nov 2014Letter from Euro Bondholders to Judge Griesa enclosing English High Court Order and Judgment in Knighthead Master Fund et al. v. Bank of New York Mellon et al.
6 Nov 2014Letter from Argentina’s counsel regarding “me too” applications
3 Nov 2014Argentina’s Notice Of Appeal from contempt order 
3 Nov 2014Amended order with respect to Special Master
24 Oct 2014District Court order changing hearing date (Argentine law bonds)
22 Oct 2014District Court scheduling order (Argentine law bond issue)
22 Oct 2014Second Circuit Order dismissing appeal from Judge Griesa’s order that BNYM has no liability to Argentina or Exchange Bondholders 
21 Oct 2014Letter from Citibank to Judge Griesa regarding hearing schedule (Argentine law bonds)
16 Oct 2014SDNY complaint in EM v. Argentina (suit by judgment creditors under FAA bonds for ratable payment relief)
8 Oct 2014 Letter from NML’s counsel regarding proposed procedure with respect to the “me too” applications 
3 Oct 2014Amended and Supplemental Order of Contempt
1 Oct 2014Order, sought by JPMorganChase, regarding payment of USD Argentine law bonds
29 Sep 2014Order of Contempt
29 Sep 2014Plaintiffs’ reply brief in support of contempt
29 Sep 2014Transcript of hearing before Judge Griesa on plaintiffs’ contempt motion
26 Sep 2014Argentina’s brief in opposition to contempt
26 Sep 2014Order regarding payment of Argentine law bonds
26 Sep 2014Transcript of hearing before Judge Griesa (Argentine law bond issue)
26 Sep 2014Declaration of Ronald Mann (payment systems expert) in support of plaintiffs’ opposition to Citibank’s order to show cause (Argentine law bonds)
26 Sep 2014Plaintiffs’ brief in opposition to Citibank’s order to show cause (Argentine law bonds)
24 Sep 2014Plaintiffs’ brief in support of contempt sanction
24 Sep 2014 Order to Show Cause, on plaintiffs’ application, why Argentina should not be held in contempt
23 Sep 2014 Argentina’s brief in support of Citibank’s motion (Argentine law bonds)
22 Sep 2014Citibank’s district court declaration in support of order to show cause (Argentine law bonds)
22 Sep 2014Citibank’s order to show cause in the district court (Argentine law bonds)
22 Sep 2014Citibank’s district court brief in support of order to show cause (Argentine law bonds)
19 Sep 2014Transcript of ex parte hearing before Judge Griesa sought by Citibank with respect to Argentine law bonds
19 Sep 2014Second Circuit Order dismissing appeal for lack of jurisdiction (Citibank appeal)
18 Sep 2014Second Circuit Oral Argument audio tape (Citibank appeal)
18 Sep 2014Letter to Second Circuit from NML’s counsel addressing further authority (Citibank appeal)
17 Sep 2014Letter to Second Circuit on behalf of Citibank addressing additional authority (Citibank appeal)
11 Sep 2014Citibank’s letter to the Second Circuit attaching transcript of 10 September hearing before Judge Griesa
10 Sep 2014Transcript of hearing before Judge Griesa (discovery by plaintiffs from Citibank regarding USD Argentine law bonds)
5 Sep 2014Argentina’s Second Circuit Reply Brief (Citibank appeal)
5 Sep 2014Citibank’s Second Circuit Reply Brief (Citibank appeal)
29 Aug 2014Aurelius’ Second Circuit Brief (Citibank appeal)
29 Aug 2014NML’s Second Circuit Brief (Citibank appeal)
29 Aug 2014Argentina’s notice of appeal with respect to order requiring BNYM to retain funds transferred by the Republic on 26 June 2014
29 Aug 2014Argentina’s notice of appeal with respect to order enjoining payment of USD-denominated Argentine law bonds
27 Aug 2014Notice of Second Circuit hearing date and time (Citibank case)
21 Aug 2014Hearing transcript
21 Aug 2014Order by Judge Griesa scheduling hearing (21 August at 3 pm)
20 Aug 2014Letter to Judge Griesa from Plaintiffs’ Counsel, with exhibits (including translation of proposed Argentine statute)
20 Aug 2014Second Circuit Scheduling Order (Argentina’s appeal from 20 June 2014 Order)
15 Aug 2014Argentina’s Second Circuit Brief (Citibank appeal)
15 Aug 2014Citibank’s Second Circuit Brief (Citibank appeal)
15 Aug 2014Notice of Appeal of Euro Bondholders with respect to order regarding payment by BNYM
14 Aug 2014Second Circuit Order granting expedited appeal (Citibank appeal regarding US$ denominated Argentine law bonds)
8 Aug 2014Transcript of hearing
8 Aug 2014Letter from NML’s counsel regarding 8 August hearing
7 Aug 2014Order scheduling hearing for August 8
7 Aug 2014Order with respect to funds held by BNYM
6 Aug 2014Letter from BNYM regarding proposed order
4 Aug 2014Further Order with respect to payment of dollar-denominated Argentine Law Bonds
4 Aug 2014Order of Judge Griesa Confirming Continued Appointment of Special Master
1 Aug 2014Further order regarding Argentine Law bonds
1 Aug 2014 Transcript of hearing before Judge Griesa
29 Jul 2014Declaration in support of Euro Bondholders’ Emergency Motion for Stay
29 Jul 2014Brief of Euro Bondholders in Support of Emergency Motion for Stay
29 Jul 2014Euro Bondholders Emergency Motion for Stay
28 Jul 2014Order regarding payment of Argentine law bonds
28 Jul 2014 Letter from plaintiffs’ counsel regarding Argentine law bonds 
27 Jul 2014 Letter from Argentina’s counsel regarding USD-denominated Argentine law bonds 
23 Jul 2014Letter from Citibank’s counsel regarding Argentine law bonds
22 Jul 2014Transcript of Hearing Before Judge Griesa
21 Jul 2014Notice of Appeal by Argentina (from 20 June 2014 Order)
21 Jul 2014Memorandum in Support of Motion for Clarification (Republic of Argentina)
21 Jul 2014Declaration in Support of Motion for Clarification (Carmine D. Boccuzzi)
21 Jul 2014Reply Declaration in Further Support of Motion for Clarification (Even K. Farber)
21 Jul 2014Reply Memorandum in support of Motion for Clarification (Bank of New York Mellon)
21 Jul 2014Reply Memorandum in support of Motion for Clarification (Euro Bondholders)
21 Jul 2014Reply Memorandum in Support of Motion for Clarification (Euroclear Bank)
21 Jul 2014Reply Memorandum in support of Motion for Clarification (Clearstream Banking)
21 Jul 2014Reply Declaration in Further Support of Motion for Clarification (Fabien Debarre)
18 Jul 2014Plaintiffs’ brief in opposition to Euro Bondholders’ motion
17 Jul 2014Citibank’s brief in opposition to reconsideration
16 Jul 2014Order by Judge Griesa scheduling hearing for 22 July
15 Jul 2014Letter from plaintiffs' counsel objecting to Euro Bondholders' "corrected" brief
14 Jul 2014Memo of law by Euro Bondholders
14 Jul 2014Letter from Euro Bondholders counsel regarding revised schedule
11 Jul 2014Plaintiffs’ motion for reconsideration of Citibank’s motion regarding Argentine law bonds 
11 Jul 2014Plaintiffs’ brief in support of its motion for reconsideration of Citibank’s motion regarding Argentine law bonds
11 Jul 2014Plaintiffs’ memo in partial opposition to Euroclear and Clearstream motions for clarification that they may pay Argentine law bonds
10 Jul 2014BNYM declaration with exhibits in support of motion for clarification
10 Jul 2014BNYM Memo in support of motion for clarification
10 Jul 2014BNYM Motion for Clarification 
10 Jul 2014BNYM Response to Euro Bondholders Motion
9 Jul 2014JPMorganChase’s letter application for guidance with respect to payment of Yen-denominated Exchange Bonds
9 Jul 2014Euroclear’s Declaration in support of motion seeking clarification that English law Exchange Bonds can be paid
9 Jul 2014 Euroclear’s Memo seeking clarification that English law Exchange Bonds can be paid
9 Jul 2014Letter to Judge Griesa from Euroclear’s counsel regarding scheduling
9 Jul 2014Letter to Judge Griesa from counsel for BNYM relating to scheduling
7 Jul 2014Clearstream’s Declaration in support of application clarifying that Argentine law bonds can be paid
7 Jul 2014Clearstream’s Memo of Law in support of application clarifying that Argentine law bonds can be paid
7 Jul 2014Clearstream’s Notice of Motion in support of application clarifying that Argentine law bonds can be paid
3 Jul 2014Letter to Judge Griesa from Euro Bondholders’ counsel regarding motion schedule and BNYM’s application for clarification
2 Jul 2014Letter from Euro Bondholders counsel regarding briefing schedule
2 Jul 2014Memo of Law on behalf of Euroclear regarding payment of Argentine Law bonds
2 Jul 2014Declaration by Euroclear in support of motion for clarification with respect to payment of Argentine Law bonds
2 Jul 2014Letter to Judge Griesa from counsel for Euroclear Bank with respect to payment on the Argentine Law Exchange Bonds
1 Jul 2014Letter to Judge Griesa from counsel for Bank of New York relating to return of funding for Exchange Bond interest payment
30 Jun 2014Order by Judge Griesa with respect to payment on Argentine law Exchange Bonds
29 Jun 2014 Declaration of Counsel for Eurobondholders in support of motion for clarification
29 Jun 2014Letter of Counsel for Eurobondholders with respect to motion for clarification
29 Jun 2014Memo of Law of Eurobondholders in support of motion for clarification
29 Jun 2014Motion of Eurobondholders for clarification
27 Jun 2014Transcript of hearing before Judge Griesa
27 Jun 2014 Declaration of EML's Counsel in Support of Application for Contempt Order
26 Jun 2014NML’s letter to Judge Griesa regarding 30 June payment to Exchange Bondholders
25 Jun 2014Order of Judge Griesa denying Argentina's application for a stay 
24 Jun 2014Reply letter from plaintiffs’ counsel 
23 Jun 2014Letter from Argentina’s counsel to Judge Griesa 
23 Jun 2014Order by Judge Griesa appointing Special Master
20 Jun 2014Order Of Judge Griesa Prohibiting Debt into Argentine Law 
19 Jun 2014Citibank’s Brief in Support of Motion to Clarify Injunction
18 Jun 2014Transcript of hearing before Judge Griesa (SDNY)
18 Jun 2014Second Circuit Order Lifting Stay
16 Jun 2014Notice of Denial of Certiorari, filed with the Second Circuit by Plaintiffs
16 Jun 2014Supreme Court Order List (for denial of Argentina’s cert petition, see page 5)
16 Jun 2014Supreme Court Decision (discovery case)
27 May 2014Reply Brief of Petitioner (pari passu case)
7 May 2014Brief in Opposition, Aurelius Respondents (pari passu case)
7 May 2014Brief in Opposition, Varela Respondents (pari passu case) 
7 May 2014Brief in Support, Italian Holders of Argentine Sovereign Bonds, Amici Curiae (pari passu case)
7 May 2014Brief in Opposition of Former Federal Judges, Amici Curiae (pari passu case)
7 May 2014Brief in Opposition for Respondent NML Capital(pari passu case)
7 May 2014Brief in Opposition for Respondents NML Capital, Ltd., and Olifant Fund, Ltd. (pari passu case)
21 Apr 2014Transcript of Supreme Court argument (discovery case)
2 Apr 2014Brief of Individual Bondholder Judgment Creditors as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of Agudas Chasidei Chabad of United States as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of the Hispanic American Center for Economic Research as Amicus Curiae in Support of Respondent (discovery case) 
2 Apr 2014Brief of the Judicial Crisis Network as Amicus Curiae in Support of Respondent (discovery case) 
2 Apr 2014Brief of the Judicial Education Project and Professors of Law as Amicus Curiae in Support of Respondent (discovery case) 
2 Apr 2014Brief of the National Association of Manufacturers as Amicus Curiae in Support of Respondent (discovery case) 
2 Apr 2014Brief of Professors Lester Brickman and Richard Esenberg and the Center for the Rule of Law as Amicus Curiae in Support of Respondent (discovery case) 
2 Apr 2014Brief of Aurelius Entities as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of Additional Family Members of Victims of State-Sponsored Terrorism as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of Competitive Enterprise Institute and Former State Department Officials as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of Family Members and Estates of Victims of State-Sponsored Terrorism as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of Montreux Partners, et al as Amicus Curiae in Support of Respondent (discovery case)
2 Apr 2014Brief of South Carolina and 20 Other States as Amicus Curiae in Support of Respondent (discovery case)
25 Mar 2014Brief of Amicus Curiae Euroclear Bank SA/NV in Support of Petitioner
25 Mar 2014Brief of Respondent Fintech Advisory Inc. in Support of Petitioners
25 Mar 2014Brief of the Federative Republic of Brazil as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief of Caja de Valores as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief of Euro Bondholders as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief of Joseph Stiglitz as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief of Sociedad de Bolsa as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief of Jubilee USA Network as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief of Puente Hnos Sociedad de Bolsa S.A. and the Argentine American Chamber of Commerce as Amicus Curiae in Support of Petitioner
24 Mar 2014Brief for the Republic of France as Amicus Curiae in Support of the Republic of Argentina’s Petition for a Writ of Certiorari
24 Mar 2014Brief of the United Mexican States as Amicus Curiae in Support of Petitions for Writs of Certiorari
3 Mar 2014Supreme Court Brief of the United States as Amicus (Discovery Case)
18 Feb 2014Petition for a Writ of Certiorari to US Court of Appeals for Second Circuit (Exchange Bondholders Group)
18 Feb 2014Petition for Writ of Certiorari to the US Court of Appeals for the Second Circuit
27 Dec 2013Argentina's Supplemental Brief in Response to Solicitor General's Statement Supporting Cert (Discovery Case)
04 Dec 2013Brief of Solicitor General of the United States, filed in response to Supreme Court’s request for views (Discovery case)
22 Nov 2013Supplemental brief of petitioner Republic of Argentina filed in the Supreme Court (Discovery case)
19 Nov 2013Order denying Republic of Argentina’s petition for a rehearing en banc (corrected order)
19 Nov 2013Order denying Exchange Bondholder Group’s petition for rehearing en banc (corrected order)
19 Nov 2013Order denying Fintech Advisory Inc.’s petition for a rehearing en banc (corrected order)
18 Nov 2013Order denying Republic of Argentina’s petition for a rehearing en banc
18 Nov 2013Order denying Exchange Bondholder Group’s petition for rehearing en banc
18 Nov 2013Order denying Fintech Advisory Inc.’s petition for a rehearing en banc
25 Oct 2013Opposition to Motion to Vacate the Stay: Argentina and Euro Bondholders
15 Oct 2013Motion to Vacate the Stay
03 Oct 2013Anti-Evasion Injunction Opinion and Order
09 Sep 2013Argentina's Reply Brief for Writ of Certiorari to the Court of Appeals for the Second Circuit
06 Sep 2013Fintech’s Petition for Rehearing En Banc
06 Sep 2013Exchange Bondholder Petition for Rehearing
06 Sep 2013Republic of Argentina Petition for Rehearing
28 Aug 2013Brief in Opposition to Argentina's Petition for Writ of Certiorari to the United States Supreme Court
26 Aug 2013Press Release by President Christina Kirchner (English translation)
23 Aug 2013Decision of the United States Court of Appeals for the Second Circuit
20 Aug 2013NML v. Argentina Second Circuit Decision
26 July 2013Amicus Curiae Brief of France
01 Jul 2013Letter on Behalf of Intervenor, Euro Bondholders
24 Jun 2013Argentina's Petition for Writ of Certiorari to the United States Supreme Court
05 Jun 2013Letter on Behalf of Appellee, ACP Master, Ltd. et al
04 Jun 2013Letter on Behalf of Intervenor, Euro Bondholders
25 Apr 2013Order Denying Motion for Leave to File anAmicus Curiae Brief (Duane Morris Individual Bondholders)
24 Apr 2013Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File anAmicus Curiae Brief (Argentina)
24 Apr 2013Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File anAmicus Curiae Brief (Fintech)
23 Apr 2013Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File anAmicus Curiae Brief (Euro Bondholders)
23 Apr 2013Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File anAmicus Curiae Brief (Exchange Bondholder Group)
22 Apr 2013Opposition to the Duane Morris Individual Bondholders' Motion for Leave to File anAmicus Curiae Brief (Plaintiffs-Appellees)
22 Apr 2013Motion for Leave to File an Amicus Curiae Brief (Duane Morris Individual Bondholders)
19 Apr 2013Response of Appellees to the Republic of Argentina’s March 28 proposal
04 Apr 2013Order of the Court of Appeals directing plaintiffs to respond to Argentina's payment proposal
29 Mar 2013Letter from Argentina to the Court of Appeals
26 Mar 2013Order of the Court of Appeals denying Argentina’s Petition for Rehearing En Banc
01 Mar 2013Order of the Court of Appeals directing Argentina to clarify in writing the terms of, and its commitment to abide by, the alternative payment formula and schedule it appeared to propose at oral argument
28 Feb 2013Order of the Court of Appeals denying Argentina’s petition for panel rehearing
11 Feb 2013Revised Notice of Hearing Date from the Court of Appeals
08 Feb 2013Letter to the Court of Appeals from Fintech Advisory requesting 5 minutes of argument time at oral argument
07 Feb 2013Letter to the Court of Appeals from NML Capital opposing the requests of non-party appellants for time at oral argument and, in the alternative, requesting an enlargement of time for NML Capital
07 Feb 2013Letter to the Court of Appeals from the Exchange Bondholders requesting 10 minutes of argument time at oral argument
06 Feb 2013Order of the Court of Appeals granting the motion of the United States for leave to file a brief as amicus curiae
06 Feb 2013Letter to the Court of Appeals from the Bank of New York Mellon requesting 10 minutes of argument time at oral argument
01 Feb 2013Notice of Hearing Date from the Court of Appeals, including time allotments for the parties
01 Feb 2013Reply Brief of Argentina
01 Feb 2013Reply Brief of the Exchange Bondholders
01 Feb 2013Reply Brief of Fintech Advisory
01 Feb 2013Reply Brief of the Bank of New York Mellon
25 Jan 2013Brief of Plaintiff, NML Capital
25 Jan 2013Brief of Plaintiffs-Appellees, Aurelius Capital Master, ACP Master, Aurelius Opportunities Fund II, Blue Angel Capital I, and Pablo Alberto Varela
10 Jan 2013Order of the Court of Appeals denying the Exchange Bondholders' motion to certify appeal to the New York Court of Appeals
09 Jan 2013Plaintiffs' Opposition to the Exchange Bondholders' motion to certify appeal to the New York Court of Appeals
05 Jan 2013Proposed Amicus Brief of the Washington Legal Foundation in Support of Affirmance
04 Jan 2013Amicus Brief of Ronald Mann and EM Ltd. in Support of Affirmance
04 Jan 2013Amicus Brief of Kenneth W. Dam in Support of Affirmance
04 Jan 2013Amicus Brief of the Clearing House Association in Support of Reversal
04 Jan 2013Proposed Amicus Brief of Anne Krueger in Support of Reversal
04 Jan 2013Proposed Amicus Brief of Puente Hermanos Sociedad de Bolsa in Support of Reversal
04 Jan 2013Proposed Amicus Brief of Montreux Partners and Wilton Capital in Support of Affirmance
04 Jan 2013Proposed Amicus Brief of Italian Bondholders in Support of Affirmance
04 Jan 2013Proposed Amicus Brief of the Duane Morris Individual Plaintiffs in Support of Affirmance
04 Jan 2013Proposed Amicus Brief of the American Bankers Association Supporting the Bank of New York Mellon
04 Jan 2013Proposed Amicus Letter to the Court of Appeals from Euroclear Bank SA/NV
04 Jan 2013Proposed Amicus Brief of Alfonso Prat-Gay in support of Argentina's petition for panel rehearing
04 Jan 2013Brief of the Euro Bondholders opposing the injunction
04 Jan 2013Brief of ICE Canyon seeking clarification or reversal and remand of the injunction with regard to Euro-denominated GDP-linked securities
02 Jan 2013Brief of Argentina’s counsel in support of a motion to quash Plaintiffs’ subpoena and opposing Plaintiffs’ motion to compel
28 Dec 2012Brief of Argentina opposing the injunction
28 Dec 2012Amicus Brief of the United States in support of Argentina's petition for rehearing
28 Dec 2012Brief of the Bank of New York Mellon opposing the injunction
28 Dec 2012Brief of Fintech Advisory opposing the injunction
28 Dec 2012Brief of the Exchange Bondholders opposing the injunction
28 Dec 2012Reply of the Exchange Bondholders regarding stay of discovery
28 Dec 2012Order of the Court of Appeals granting Ice Canyon leave to appear
27 Dec 2012Motion of the Exchange Bondholders to Certify Appeal to the New York Court of Appeals
26 Dec 2012Plaintiffs' Opposition to the Exchange Bondholders' motion for a discovery stay
22 Dec 2012Plaintiffs' brief in support of a Motion to Compel compliance with subpoenas served on intervening bondholders seeking documents and testimony
21 Dec 2012Motion of the Exchange Bondholders to enforce the Nov. 28 stay, or for a stay of discovery
21 Dec 2012Motion of Ice Canyon for leave to intervene as an interested non-party
20 Dec 2012Order of the Court of Appeals setting January 4, 2013 as the filing deadline for amicus briefs and for motions for leave to file amicus briefs
19 Dec 2012Plaintiffs’ brief in support of a Motion to Compel compliance with a subpoena served on Argentina’s counsel seeking documents and testimony
13 Dec 2012Order of the Court of Appeals granting the Exchange Bondholder Group’s motion to consolidate related appeals
13 Dec 2012The United States of America’s motion to file a brief as Amicus Curiae
13 Dec 2012Exchange Bondholder Group’s motion to consolidate related appeals
11 Dec 2012Argentina’s opposition brief to Washington Legal Foundation’s motion to alter the briefing schedule
10 Dec 2012Notice of Appeal filed by interested non-party Fintech Advisory
06 Dec 2012Order of the Court of Appeals granting the Euro Bondholders leave to appear as a non-party
06 Dec 2012Order granting The Bank of New York Mellon leave to appear as a non-party appellant
05 Dec 2012Motion of the Euro Bondholders for leave to intervene as interested non-parties
04 Dec 2012Order of the Court of Appeals denying Plaintiffs motion to modify the stay to require Argentina to post security
03 Dec 2012Motion of non-party The Bank of New York Mellon to appear and to submit briefs as an appellant
03 Dec 2012Argentina's Opposition to Plaintiffs' motion to modify the stay
03 Dec 2012Exchange Bondholders' Opposition to Plaintiffs' motion to modify the stay
30 Nov 2012Emergency Motion of Plaintiffs to modify the stay to require Argentina to post security
28 Nov 2012Order of the Court of Appeals granting stay pending appeal and setting briefing schedule
28 Nov 2012Order of the Court of Appeals granting Exchange Bondholders’ motion to appear
28 Nov 2012Motion of Fintech Advisory to appear as an interested non-party
28 Nov 2012Motion of Fintech Advisory for stay pending appeal
27 Nov 2012Letter to the Court of Appeals from Plaintiffs’ counsel
27 Nov 2012Emergency Motion of Exchange Bondholders for a stay pending appeal
27 Nov 2012Emergency Motion of Exchange Bondholders to appear as interested non-parties
27 Nov 2012Exchange Bondholders’ notice of appeal
26 Nov 2012Letter to the Court of Appeals from Argentina’s counsel
26 Nov 2012Emergency Motion of Argentina for a stay pending appeal
26 Nov 2012Order of the District Court denying the Exchange Bondholders’ motion to appear as interested non-parties
26 Nov 2012Order of the District Court denying the Exchange Bondholders’ motion to vacate the injunction
21 Nov 2012Order of the District Court vacating the March 5, 2012 stay order
21 Nov 2012Opinion of Judge Griesa with respect to "ratable payment" and application of injunction to third parties
21 Nov 2012Amended Injunction of the District Court
21 Nov 2012Opinion of Judge Griesa regarding the stay
19 Nov 2012Plaintiffs’ Reply Brief on remand, addressing the form of the injunction, termination of the stay, and the Exchange Bondholders’ motion to vacate
16 Nov 2012Letter from the Depository Trust Company asking not to be subject to the injunction
16 Nov 2012Letter from the Clearing House Association asking that the injunction include a broader carve-out for intermediary banks than that proposed by Plaintiffs
16 Nov 2012Letter from New York Fed asking that any injunction be limited to Argentina and those in privity
16 Nov 2012Declaration of Argentina’s National Director of the National Bureau of Public Credit affirming the Republic’s compliance with the stay order
16 Nov 2012Brief of Argentina in response to Plaintiffs’ brief on remand, addressing the stay and the injunction
16 Nov 2012Brief of the Exchange Bondholders in support of their motion to vacate the injunction
16 Nov 2012Declaration of NYU law professor on behalf of the Exchange Bondholders, opining on the risks of non-payment to the exchange bondholders, the consequences thereof, and the effect of the Second Circuit’s Opinion on the ability of sovereigns to restructure their debts
16 Nov 2012Declaration on Gramercy Funds Mgmt. Chief Investment Officer on behalf of the Exchange Bondholders, affirming that the Exchange Bondholders are not attempting to receive payments abroad and have no special ability to persuade Argentina to pay Plaintiffs
16 Nov 2012Declaration of Bank of New York Mellon Vice President describing the payment processes for Exchange Offer bonds
16 Nov 2012Brief of Exchange Bondholder Fintech Advisory opposing the injunction
16 Nov 2012Brief of the Bank of New York Mellon arguing it should not be subject to the injunction
16 Nov 2012Brief of Duane Morris Individual Plaintiffs affirming support for Plaintiffs’ positions
13 Nov 2012Argentina's Petition to the Second Circuit for Panel Rehearing and Rehearing En Banc
13 Nov 2012Plaintiffs' Brief in the District Court on remand, addressing the length of the stay and the form of the injunction
09 Nov 2012Transcript of Hearing before District Court Judge Griesa
08 Nov 2012Letter to Judge Griesa from Argentina's counsel
06 Nov 2012Letter to Judge Griesa from plaintiffs' counsel, with plaintiffs' proposed amended injunction attached
05 Nov 2012Letter to Judge Griesa from Argentina's counsel
26 Oct 2012Second Circuit Decision (NML Capital, Ltd., et al. v. Republic of Argentina (Docket No. 12-105(L)) (2d cir. Oct. 26, 2012).
05 Mar 2012District Court Order Pursuant to FRCP 62(C) granting stay pending appeal
23 Feb 2012District Court Order with injunction
17 Jan 2012BG Group PLC v. Argentina District of Columbia Arbitration Award Decision
07 Dec 2011District Court Order holding that Argentina is in breach of the pari passu clause
19 Oct 1994Fiscal Agency Agreement