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LatinNews Daily Report - 18 April 2013

US and Guatemala strike deal over labour rights

Argentina: On 16 April the US Supreme Court invited the Barack Obama administration to provide its opinion on the court case involving Argentina and the US ‘vulture fund’, NML. The decision has been taken as a sign that the US Supreme Court may be considering the possibility of hearing the case, in line with a request by Argentina after it lost two appeals filed in US District and Appeals courts. As part of the legal dispute that Argentina is fighting in the US against the hold-out bondholders who are demanding that Argentina pays in full the amount owed on bonds issued prior to its 2001 economic meltdown, last August NML secured a court order calling on Argentina’s central bank and the US’s Bank of America to provide information on the Argentine State’s financial movements abroad in an effort to discover any assets that could be impounded and used to pay off Argentina’s debt.  Argentina presented an appeal to the US Supreme Court to review the case (certiorari) arguing that NML which purchased the bonds from the original purchaser, Singer Fund, should not be considered the real plaintiff. The US Supreme Court responded by inviting the US Attorney General’s Office to outline its opinion on the case. Argentina’s economy ministry then issued a statement explaining that this is a preliminary step often taken by the US Supreme Court before it decides to hear a case. There is no deadline for the US Attorney General to respond to the Supreme Court’s invitation, however, Argentina’s  economy ministry has said that due to the nature of the case, it expects this to come by end-May or August.

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