The British Justice ruled against Argentina in the USD 1.4 billion trial in the case for the manipulation of GDP in the government of Cristina Kirchner.
This is a second instance ruling, adopted by the magistrates Sara Falk, Martin Lewison and Andrew Popplewell, Therefore, the only way left is to try to appeal to the Supreme Court of that country.
In the ruling they indicated that “the divergences were illustrated by two series of figures on which the plaintiffs relied: the change in the base of the real GDP figures from the 1993 series to the 2004 series, if applied to the GDP of 2008, would have changed an annual growth figure of 6.76% in the 1993 series to one of 3.10% in the 2004 series, a difference of 3.66%.”
Furthermore, they stated that “if real GDP were measured from 1950 to 1962, the average annual growth during the period would be 1.46% in the 1950 series, but 2.92% in the 1960 series. The difference for 1956 It would be between minus 0.18% growth (1950 series) and 2.78% growth (1960 series). In 1958, the growth would be 2.68% in the 1950 series and 6.10% in the 1960 series.
The debt expert Sebastian Maril said to Infobae that “the Argentine legal strategy has never borne fruit, we have always lost these cases and continuing to appeal is wasting money because we have really collected interests, legal costs and we have achieved many defeats in these courts.”
“Argentina must sit down and talk to all the Judgment Creators, not only about the Warrants but also about Coupon PBI, YPF, Aerolíneas Argentinas; We have many open cases that we need to pay attention to and we are not paying attention to them. It is time to change the legal strategy, President Milley cannot continue adopting the same legal strategy as his predecessors, we must change it,” said Maril.
The expert recalled that in 2023 “there was a ruling against Argentina for 1.3 billion euros and Argentina asked to appeal that ruling; the same judge Simon Picken It was rejected, but Argentina went to this new instance, which is the British operations court; This was last September 29 and now the court agreed to hear the request. So Argentina will present a series of briefs, but the ruling will remain suspended.”
“What Judge Picken had decided last year was to make Argentina pay 1.3 billion euros for the interest that Argentina had to pay for the reference year (2013), and forced Argentina to continue publishing the old GDP series 1993. In addition, forcing all beneficiaries of the coupons to pay, if it is with the old series, the payment would be activated in the following years,” Maril recalled in dialogue with Infobae.
Last April, Picken ordered payment to four hedge funds that claimed euro-denominated values linked to Argentina’s gross domestic product (GDP) in 2013, the “GDP coupons”.
These are the funds Palladian Partners, HBK Master Fund, Hirsh Group and Virtual Emerald International Limited, which sued the country in 2019 and requested compensation of up to 643 million euros (USD 704 million).
In October, Piken prevented him from collecting from the group of creditors under the argument of the difficult economic situation that Argentina was going through.
