Argentina suspends Citibank exec in 'vulture funds' row
Argentina has suspended the head of Citibank's local subsidiary after the bank said it would stop processing payments on Argentine bonds caught up in a messy US court battle.
Gabriel Ribisich is no longer authorized to act as the bank's legal representative in Argentina, the central bank said in a statement late Wednesday, accusing him of "misconduct" and giving Citibank 24 hours to designate a new director general.
Citibank has found itself embroiled in a dispute between Argentina and two US hedge funds that have sued it for full payment on bonds the country defaulted on during its 2001 economic crisis.
In the aftermath of the crisis, Argentina reached deals with most of its creditors to swap their defaulted bonds for steeply discounted "exchange bonds."
http://news.yahoo.com/argentina-suspends-citibank-exec-vulture-funds-row-185022043.html
