No one talks about what happens if Argentina uses this gold as collateral for a loan and can't pay that loan back. The gold is gone.Another article about the moving of the Gold.
Central Bank of Argentina confirms overseas gold transfer, possibly as collateral for loans
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Caputo confirms Argentina has moved some of its gold overseas
- Thread starter import export
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- gold gold reserves
Finance Prof
Well-known member
The Vulture funds that are owed billions of dollars in the YPF mess have asked the NY courts for information on this gold that Argentina has moved. They will move to have it seized. Whether they are successful probably isn't likely, it's still a possibility.
If something would happen to this gold I think it's safe to say that Caputo would be toast.
Betsy Ross
Well-known member
I seriously doubt there is any risk at all. If there was the slightest risk at all, I can't see any way they would have done this.
earlyretirement
Moderator
Judge Loretta Preska of the U.S. District Court for the Southern District of New York has ordered the Argentine government to provide information about the location of the Central Bank's (BCRA) gold reserves and other potentially attachable assets.
Judge Preska has requested that Argentina provide:
Location of gold reserves: Details on where the BCRA's gold reserves are held.
Sovereign accounts: Information about bank accounts both in Argentina and the United States, including accounts belonging to diplomats and embassies.
Potentially attachable assets: Data on other assets that could be subject to attachment in the case.
This information must be submitted no later than February 28, 2025. The judge criticized the Argentine government for spending more time and resources defending against providing these documents than actually delivering the requested information.
If Argentina fails to comply with court orders, it could face asset seizures. The plaintiffs aim to demonstrate that Argentina uses sovereign assets for commercial activities, which could make them subject to attachment. The situation is critical, as Burford has invested significantly in this litigation and seeks to recover its investment through compensation.
Argentina must comply with providing information about its gold reserves and other assets to avoid further financial repercussions while continuing to appeal the ruling requiring it to pay compensation.
Judge Preska has requested that Argentina provide:
Location of gold reserves: Details on where the BCRA's gold reserves are held.
Sovereign accounts: Information about bank accounts both in Argentina and the United States, including accounts belonging to diplomats and embassies.
Potentially attachable assets: Data on other assets that could be subject to attachment in the case.
This information must be submitted no later than February 28, 2025. The judge criticized the Argentine government for spending more time and resources defending against providing these documents than actually delivering the requested information.
If Argentina fails to comply with court orders, it could face asset seizures. The plaintiffs aim to demonstrate that Argentina uses sovereign assets for commercial activities, which could make them subject to attachment. The situation is critical, as Burford has invested significantly in this litigation and seeks to recover its investment through compensation.
Argentina must comply with providing information about its gold reserves and other assets to avoid further financial repercussions while continuing to appeal the ruling requiring it to pay compensation.
Does this mean Argentina will lose its gold it stored abroad. Not good.
James Bond
Well-known member
It's adios soon to this gold. But maybe that was the plan all around to get part of the funds paid towards this YPF case.
YPF case: Argentina to reveal gold reserve data to hedge fund - Buenos Aires Herald
Judge Preska also ordered the country to provide banking data on consular, diplomatic and military accounts abroad
buenosairesherald.com
VINO
Well-known member
Looks like Argentina's day in court is all exhausted.
Argentina loses last-ditch US battle to block $300mn seizure
Supreme Court declines to hear appeal, giving creditors a rare opportunity to access funds from overseas accounts
Non paywall
Blockchain
Well-known member
I wonder how they will actually get paid. Seems like all this business with the gold was maybe planned for Argentina to eventually use some of that to pay off the debt they owe? Maybe they did it this way to backdoor it to get paid off eventually. This $300 million isn't the big worry. It's all the billions they owe for the YPF disaster.Looks like Argentina's day in court is all exhausted.
Argentina loses last-ditch US battle to block $300mn seizure
Supreme Court declines to hear appeal, giving creditors a rare opportunity to access funds from overseas accountswww.ft.com
Non paywall
It seems like Milei isn't out of the woods at all. A lot of issues to deal with before the elections.
import export
Well-known member
Sounds like eventually some of this gold will be used to pay back Argentina's debts.
tn.com.ar
La Justicia de EE.UU. le embargó US$210 millones a la Argentina por el juicio por el default de 2001 | TN
Lo decidió la jueza Loretta Preska tras el rechazo de la Corte Suprema norteamericana a una apelación del Gobierno. Se trata de la causa iniciada por holdouts que nunca cobraron los títulos en el momento de la crisis económica.
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