Citi's Argentina bank chief suspended - by Argentina

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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.

The Daily Telegraph reports that Gabriel Ribisich is no longer authorised to act as the bank's legal representative in Argentina, the central bank said in a statement, 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'.

To access the complete Daily Telegraph article hit the link below:

Argentina suspends US bank chief for being 'ignorant'

Markets will be caught unaware by a ‘Grexident’

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