As the transcript of a recent hearing in his Court shows, the proximity between the 84-year-old judge and the vulture funds’ lawyers is such, that he asked them to draft one of his resolutions against Argentina (a country referred to as “they”, while the other party, for the judge, is “us”). As the Supreme Court of the US refused to take the case, Griesa is in legal right to do as he pleases. In his last resolution, as I wright this article, he forbids Argentina to pay the 93% of creditors who accepted the restructuration if the country does not pay the vultures at the same time; the money that the country has deposited in the Bank of New York Mellon –appointed to deliver the funds to part of the holders of new bonds– has been frozen.(…)
For obvious reasons, in the last few days many less-developed countries have issued declarations in support of Argentina and criticizing Griesa’s arrogance. But it is not only poor countries or Latin American neighbors: México, France and Brazil had already been amicus curiae for Argentina’s case in the Supreme Court; Venezuela, Uruguay, Ecuador and other regional friends followed, and now the list includes the G-77 + China, Mercosur, Unasur and other multilateral institutions. Even a hundred Members of the British parliament, the IMF, the US Council on Foreign Relations and dozens of well-reputed newspapers –including the Financial Times–, economists and intellectuals have questioned Griesa’s judgement, not necessarily because they are friends of Argentina, but because they understand that the prevalence of the vulture funds in this case would bring new dangers to the financial stability of the world.(…)
Griesa is by now part of the problem, while vultures have no reason to be flexible and understanding. It seems that this would be the perfect moment for the international community to step in and redefine the rules that currently enable and stimulate predatory financial capitalism.(…)
In any foreseeable scenario, rich greedy people will continue to get money out of working people’s pockets. One thing is for sure: the consequences of this dispute will reach far beyond the people, institutions and countries directly involved in it. For good or evil.