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Decision in Argentina's favor in Paris
La Nacion
June 29, 2009

PARIS (from our correspondent).- Argentina triumphed in the first battle, but will have to wait a little while to win the judicial war that will allow it to recover its blocked funds in France by bondholders that didn't accept the debt swap in 2005.

Lawyers from the firm of Dechert LLP, representing the vulture fund NML Capital, appealed the decision of the Court of Great Instance in Paris, which ten days ago ordered the lifting of the precautionary embargo that was placed on April 3rd on the accounts of the Argentine state in Paris. "There is no reason why Argentina will not win again, but it will have to wait a few weeks still," French judicial sources told LA NACION. The representatives of the Argentine government in France showed equal optimism.

"The calendar is not to our favor, and as such we have to be patient," said one lawyer close to the Argentine defense.

The "calendar" formula refers to the terms that are defined in Law 91-650, invoked by representatives of NML Capital Ltd., to obtain the preventive measure. Up until that time, the Argentine funds that were deposited in a Paris branch of BBVA bank, in accounts set up to pay expenses for the functioning of the Argentine embassy in Paris, will remain embargoed.

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