Hugh's Feed
Aug 20, 2014

Argentina bonds, peso reel on country’s debt swap plan

BUENOS AIRES, Aug 20 (Reuters) – Argentina’s new plan to
skirt U.S. courts and resume payment on defaulted bonds aims to
protect creditors who participated in two debt restructurings,
the economy minister said on Wednesday as the local peso
currency weakened to a new historic low.

Defying a U.S. federal court order, Axel Kicillof also said
it would be “madness” to pay holdout creditors the 100 cents on
the dollar that they were awarded in 2012.

Aug 20, 2014

Argentina says proposed debt swap aims to protect investors

BUENOS AIRES (Reuters) – Argentina’s plan for making payments on its sovereign bonds via a local bank aims to protect the vast majority of creditors who participated in two debt restructurings, Cabinet chief Jorge Capitanich said on Wednesday.

The government is sending a bill to Congress replacing its New York intermediary bank with state-run Banco Nacion, the latest move in a years-old legal chess game between Argentina and holders of defaulted bonds who have sued for full repayment.

Aug 20, 2014

Argentina says proposed debt swap aimed at protecting investors

BUENOS AIRES (Reuters) – Argentina’s plan for making payments on its sovereign bonds via a local bank aims to protect the vast majority of creditors who participated in two debt restructurings, Cabinet chief Jorge Capitanich said on Wednesday.

The government is sending a bill to Congress replacing its New York intermediary bank with state-run Banco Nacion, the latest move in a years-old legal chess game between Argentina and holders of defaulted bonds who have sued for full repayment.

Aug 15, 2014

Argentina seeks to export more food to sanction-hit Russia

BUENOS AIRES, Aug 15 (Reuters) – Major world food supplier
Argentina will send a trade delegation to Russia next week to
try to increase exports to the country, which this month banned
many Western products in response to sanctions over its
intervention in Ukraine.

Argentina’s enthusiasm for trade with Russia will improve
Moscow’s chances of filling any gaps left by its ban on European
Union supplies and reduce the odds of food shortages.

Aug 14, 2014

Argentina dubs holdouts an “international mafia” as deal hopes fade

BUENOS AIRES, Aug 14 (Reuters) – Argentina branded the hedge
funds suing the country over their debt holdings an
“international mafia” on Thursday after talks to bring a swift
end to its latest default collapsed and sent Argentine bond
prices tumbling.

A group of international banks had appeared to be nearing a
deal to buy a chunk of the debt held by holdout creditors whose
legal battle against Argentina tipped Latin America’s No. 3
economy into default on July 31.

Aug 14, 2014

Argentina calls hedge funds in debt case an “international mafia”

BUENOS AIRES (Reuters) – The hedge funds suing Argentina over its 2002 debt default are an “international mafia” out to wreck the country’s finances, the government said on Thursday, pumping up the rhetoric in a battle that is squeezing the struggling Argentine economy.

With its peso currency at record lows, foreign reserves down more than 5 percent over the last year and vast shale oil and gas resources laying undeveloped in its southern Patagonia region, Argentina is desperate to tap foreign financing.

Aug 13, 2014

Argentina slams U.S. judge in debt case, defies contempt threat

BUENOS AIRES, Aug 13 (Reuters) – Argentina came out swinging
on Wednesday against the U.S. judge overseeing its debt default
case, defying a threatened contempt order and dashing market
hopes it might soon restart talks with the hedge funds suing the
country.

A group of holdout investors have gone to court for full
repayment on Argentine sovereign bonds that went into default in
2002. The funds rejected debt restructurings in 2005 and 2010,
holding out for better terms.

Aug 13, 2014

Argentina slams U.S. debt case judge despite contempt threat

BUENOS AIRES (Reuters) – Argentina came out swinging on Wednesday against the U.S. judge overseeing its debt default case, in defiance of a threatened contempt order, and disappointed market hopes it might soon restart talks with the hedge funds suing the country.

A group of holdout investors have sued the South American country for full repayment on bonds that went into default in 2002. The funds rejected debt restructurings in 2005 and 2010, holding out for better terms.

Aug 11, 2014

Argentina calls for U.S. intervention in its debt battle

BUENOS AIRES, Aug 11 (Reuters) – Argentina on Monday called
on Washington to intervene in a court case over the country’s
defaulted debt after a U.S. district judge threatened the South
American country with contempt for making what he called false
statements.

U.S. Judge Thomas Griesa, overseeing Argentina’s
long-running battle with hedge funds over defaulted debt, said
on Friday he would issue a contempt of court order unless the
government stopped publicly claiming it had met its obligations
and was not in default.

Aug 11, 2014

Argentina calls on U.S. government to intervene in debt case

BUENOS AIRES (Reuters) – Argentina on Monday called on Washington to intervene in a court case over the country’s defaulted debt after a U.S. district judge threatened the South American country with contempt for making what he called false statements.

U.S. Judge Thomas Griesa, overseeing Argentina’s long-running battle with hedge funds over defaulted debt, said on Friday he would issue a contempt of court order unless the government stopped publicly claiming it had met its obligations and was not in default.