U.S. expert says the ruling of Judge Griesa is crazy

U.S. economist James Henry harshly questioned the stance of Justice and the Executive of his country in the proceedings leading vulture funds against Argentina.

 "It's completely crazy that a judge says, 'To pay your creditors, you must first enter default'" said Henry, an economist at the NGO Tax Justice Network, an organization that advocates for transparency in the financial system.

 "I have been disappointed that the Obama administration did not influence this dispute through a stronger opinion, especially considering the damage it does to the relationship between the U.S. and Argentina. It is really amazing," he added.

And he compared: "China was here last week, so did Putin, all the BRICS countries have met and all supporting Argentina's position on this."

 "The best economists around the world, as the Nobel laureate Joseph Stiglitz, have spoken in favor of Argentina. Each academic economist who glances at the subject realizes that it is absolutely crazy to send an entire country to a default of 144 billion or maybe even 500 billion depending on how contabilices debt forward, "he said in dialogue with the daily Tiempo Argentino.

In American economist view, "anyone who looks at this from an economic point of view of U.S. foreign relations, national security since, realizes how ridiculous the decision of a judge who is out of focus."

 However, "the fact is that U.S. judges have enormous power to interpret the law, especially under the Supreme Court," said Henry.

 Asked about the impact the ruling will Griesa internationally, predicted that "most countries will be very reluctant to voluntarily submit to the jurisdiction of the Court in New York anymore. It sets a very bad precedent for Wall Street as a financial center. "

 Finally, the AML expert said the vulture fund NML "is rooted in the Cayman Islands, we do not even know who these investors are, who knows, maybe even have Argentine investors." 

More Information: http://www.taxjustice.net/wp-content/uploads/2013/04/Cefid-Ar-2014-Vulture.pdf 
Original Source: http://www.diariobae.com/notas/26810-experto-norteamericano-dice-que-el-fallo-es-una-locura.html