In a brief on Dec. 17, Argentina asked the New York Southern District Court to throw out claims made by investment funds including Adona related to GDP-linked warrants the country issued in 2005 and 2010 as part of previous debt restructurings. The government said the claims should be dismissed in part because a so-called prescription clause in the contract said investors' claims had to be made within five years of when payments were due.
The GDP-linked warrants paid out to investors if Argentina’s GDP and growth rate hit certain targets, subject to caps. The plaintiffs allege that the country changed how GDP was calculated in 2014 in bad faith with the result that it avoided making payments based on 2013 growth that would otherwise have been due.Source: REUTERS/Marcos Brindicci
A man waves an Argentine national flag during a protest against a cost increase in public and utility services in Buenos Aires, Argentina, January 10, 2019.
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