BUENOS AIRES/NEW YORK (Reuters) – Prospects for a private sector solution to Argentina’s sovereign debt dispute deteriorated on Wednesday after holdout investors said they entertained no realistic offers from bankers while the government dashed hopes it might soon agree to restart talks.
The country’s peso currency hit a record low on fears that the already years-old debt saga would linger on indefinitely.
NEW YORK, Aug 13 (Reuters) – Argentine holdout creditor
Aurelius Capital Management said on Wednesday that talks with
many financial institutions about finding a private settlement
solution to the sovereign debt dispute had garnered no realistic
Argentina fell into default for a second time in 12 years
after missing a July 30 coupon payment on already restructured
sovereign bonds. After the deadline passed, hopes turned toward
proposals drawn up first by Argentine and then by large
international banks to work out a solution.
NEW YORK (Reuters) – International banks are struggling to reach a deal to buy a chunk of Argentine sovereign debt held by New York hedge funds suing the country, dampening market hopes for a swift end to the country’s latest debt default.
Citigroup (C.N: Quote, Profile, Research, Stock Buzz), Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) and JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) offered the holdout hedge funds 40 cents on the dollar for the roughly $1.66 billion of bonds, including interest, and raised the offer to 50 cents on Monday, sources told Thomson Reuters IFR.
NEW YORK (Reuters) – Daniel Pollack, the court-appointed mediator in the debt dispute between Argentina and holdout creditors, who has come under fire from the Argentine government for his handling of the talks, expects to hold more meetings with both sides.
U.S. District Judge Thomas Griesa appointed Pollack, an experienced New York lawyer, as Special Master in the long-running dispute that dates back to Argentina’s near $100 billion sovereign debt default in early 2002.