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Matt Levine

Now Argentina Can't Even Pay Bonds in Argentina

Even if Judge Griesa is wrong about stopping Citibank from paying some Argentine bonds, he's doing it anyway.

U.S. District Judge Thomas Griesa issued an opinion yesterday in the long-running Argentine bond dispute. Here is a paragraph that I found pretty stunning:

That needs some unpacking, which we'll get to, but first I want to talk about that bold sentence (my emphasis): It means, even if Griesa is wrong about stopping Citibank from paying some Argentine bonds, he's doing it anyway. The rest of the paragraph says that he's not wrong, but that's not the point. There is a time for dispassionate analysis of clever legal arguments, and there is a time to knock it off and do as you're told. Griesa is long since fed up with cleverness.