Correo Argentino to defend threat of bank account embargoes

former postal service operator Correo Argentino SA responded Tuesday to the threat of embargoes on two of the company’s U.S.-based accounts as the result of litigation from a creditor of Argentina, asserting that it is a private company and will defend its rights accordingly. On Monday, business daily El Cronista reported that Judge Thomas Griesa in New York has ruled that an embargo be placed on two U.S.-based accounts worth $11 million that are listed under Correo Argentino SA, a company that is in debt to the government. The company ran Argentina’s mail service until November, when the government stripped it of its contract and placed the postal system back into state hands.