After a Two Month Detention in Ghana, Argentine Ship ARA Libertad Released

Originally held for Argentina’s refusal to pay sovereign debt obligations from a 2002 default, the ARA Libertad was released from its seabased prison in Ghana and returned home to fanfare and parades in a spectacle in the capital of Buenos Aires that embattled Argentine President Cristina Fernandez de Kirchner called a ‘victory.’ Financial fund NML Capital obtained a ruling from a Ghanaian court on October 2, 2012 to detain the ARA Libertad as collateral for Argentina’s 2002 debt default which cost the fund $370 million. Ghana released the ship after the UN Tribunal for the Law of the Sea ruled that as a military vessel the ARA Libertad was immune from seizure as payment for sovereign debts.



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