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Argentina doesn’t want it back, and the bank would rather not be (a) held in contempt of court or (b) sued by the people who Argentina says the money now belongs to. So it’s going to ask the judge who put it in this situation to expand on his rather glib suggestion that “the money should be returned to the republic, simple as that.”
“Following an exchange of letters today, the court asked BNY Mellon to make a formal motion asking for clarification on what actions it should take with the money that the government deposited in its account at the Central Bank of Argentina last week,” said a source with direct knowledge of the situation.
“The bank is asking Griesa, essentially, how can it get from point A to point B without being sued….”
BNY Mellon sent a letter to the judge saying it cannot return the money without wire transfer orders from Argentina. The government claims the cash now belongs to holders of its restructured bonds.
The source said BNY Mellon was being threatened with lawsuits by holders of euro-denominated Argentine bonds for not making the required payment that was originally due June 30.