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Jul 30, 2014

Argentine economy minister in New York for last ditch talks

NEW YORK/BUENOS AIRES (Reuters) – Argentine Economy Minister Axel Kicillof unexpectedly arrived in New York on Tuesday to join last-minute debt negotiations with “holdout” investors in a bid to avert a default.

After a long battle in the U.S. courts, Argentina has until the end of Wednesday to either pay in full the hedge funds that rejected its restructuring on their defaulted bonds, cut a deal or win a stay of the court order that triggered the deadline.

Jul 29, 2014

Argentina holds last-minute debt talks with mediator

NEW YORK/BUENOS AIRES, July 29 (Reuters) – Argentine debt
negotiators held talks in New York on Tuesday with the U.S.
mediator in the South American country’s battle with holdout
investors, in a last-ditch attempt to avert a default.

After a series of setbacks in U.S. courts, Argentina has
until the end of Wednesday to either pay the New York hedge
funds in full their defaulted bonds resulting from the country’s
2001/02 financial crisis or cut a deal to stave off a fresh
default.

Jul 29, 2014

As Argentina stares down deadline, one group will make default call

July 29 (Reuters) – As Argentina’s options run out as the
clock ticks down to the deadline before a default, attention is
turning to the committee that makes the “official” call on such
matters – even though that call is really only for the benefit
of those investors who bought insurance in case of non-payment.

Argentina is out of legal options to avoid paying a
court-ordered $1.33 billion, plus interest, to the holdout
creditors who declined to restructure their bonds. If the
payments are not made, the country will have defaulted on its
debt obligations for the second time since it missed a payment
in January 2002 that affected roughly $100 billion in sovereign
debt.

Jul 29, 2014

Analysis – Argentine debt defiance may strengthen holdouts’ legal position

NEW YORK (Reuters) – Argentina has fought in court for a dozen years against the claims of holdout investors in its defaulted debt, and Argentina has lost. The holdouts, led by Paul Singer’s Elliott Capital Management and Mark Brodsky’s Aurelius Capital Management, are still waiting to collect a single penny or peso.

Argentina defied court-ordered demands to pay all its bondholders by a June 30 deadline, and a 30-day grace period runs out this week. Argentina says a payment to its trustee bank insulates it against charges it doesn’t pay its bills on time. It has described the holdouts as vultures and the judge who made the orders as unjust. The country has enough foreign currency to cover about five months’ worth of imports, and billions of dollars of debt coming due next year. Until it pays the holdouts, it will remain locked out of international capital markets.

Jul 29, 2014

Argentine debt defiance may strengthen holdouts’ legal position

NEW YORK (Reuters) – Argentina has fought in court for a dozen years against the claims of holdout investors in its defaulted debt, and Argentina has lost. The holdouts, led by Paul Singer’s Elliott Capital Management and Mark Brodsky’s Aurelius Capital Management, are still waiting to collect a single penny or peso.

Argentina defied court-ordered demands to pay all its bondholders by a June 30 deadline, and a 30-day grace period runs out this week. Argentina says a payment to its trustee bank insulates it against charges it doesn’t pay its bills on time. It has described the holdouts as vultures and the judge who made the orders as unjust. The country has enough foreign currency to cover about five months’ worth of imports, and billions of dollars of debt coming due next year. Until it pays the holdouts, it will remain locked out of international capital markets.

Jul 28, 2014

Argentina to hold last-gasp debt talks with mediator Tuesday

BUENOS AIRES/NEW YORK (Reuters) – Argentina on Tuesday will meet the U.S. mediator in its battle with ‘holdout’ debt investors suing the country for last-minute talks to avert its second default this century.

Mediator Daniel Pollack said in a statement on Monday he received a telephone call from the Argentine government advising him a delegation of technical, financial and legal representatives will meet him at 11 a.m. EDT (11.00 a.m. EDT) on Tuesday in his office. “I again urged direct, face-to-face conversations with the Bondholders, but that will not happen tomorrow,” Pollack said, referring to the holdout creditors.

Jul 28, 2014

Argentine debt mediator: no resolution, delegation returning to Argentina

NEW YORK/BUENOS AIRES (Reuters) – Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors on Friday in talks that lasted just an hour, suggesting a settlement to avoid a default next week remains elusive.

The Argentine delegation headed home to seek instruction from the government after the talks in New York, mediator Daniel Pollack said, while the country’s economy ministry underscored it would continue the dialogue with him over the next few days.

Jul 26, 2014

Factbox: Potential Argentine debt default looms as July 30 approaches

NEW YORK (Reuters) – Argentina, out of legal options to avoid paying a court-awarded $1.33 billion plus interest to holdout creditors who twice spurned a restructuring offer, has until July 30 to either pay them, negotiate a settlement or default.

The parties have not yet met face-to-face despite the addition of a court-appointed mediator who has warned time is running short for Argentina to avoid a default.

Jul 26, 2014

Potential Argentine debt default looms as July 30 approaches

NEW YORK, July 25 (Reuters) – Argentina, out of legal
options to avoid paying a court-awarded $1.33 billion plus
interest to holdout creditors who twice spurned a restructuring
offer, has until July 30 to either pay them, negotiate a
settlement or default.

The parties have not yet met face-to-face despite the
addition of a court-appointed mediator who has warned time is
running short for Argentina to avoid a default.

Jul 25, 2014

Argentina fails to reach breakthrough in debt mediator talks

NEW YORK/BUENOS AIRES (Reuters) – Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors on Friday in talks that lasted just an hour, suggesting a settlement to avoid a default next week remains elusive.

The Argentine delegation headed home to seek instruction from the government after the talks in New York, mediator Daniel Pollack said, while the country’s economy ministry underscored it would continue the dialogue with him over the next few days.

    • About Daniel

      "I'm a New York-based global investment correspondent with over 20 years of experience covering financial markets, business and foreign policy. My current post lets me roam across all asset classes and geography, from the developed to the emerging markets. I've reported and taught business and economic journalism from Asia, Europe, Latin America and the United States. Prior to joining Reuters I was a producer at CNN Business News in New York."
      Joined Reuters:
      1997
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