Jul 29, 2014

Insight: Jaded Argentines brace for looming debt default

BUENOS AIRES (Reuters) – Factory owner Norberto Garcia was poised to launch a series of new toys this year after grafting hard for the past decade to rebuild his business following Argentina’s 2001-2002 economic crash and debt default.

Instead, he’s hunkering down for a possible second default this Thursday, cutting investment plans and scaling back his targets.

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 (04.00 p.m. BST) on Tuesday in his office.

Jul 28, 2014

Argentina sending team to New York for last-minute debt talks

BUENOS AIRES (Reuters) – Argentina will send a negotiating team to New York on Monday for further talks with a U.S. court-appointed mediator in a debt dispute with ‘holdout’ investors, cabinet chief Jorge Capitanich said, with just three days to go to avert a default.

After a series of defeats in U.S. courts, Latin America’s No. 3 economy will default on its debt for the second time in 12 years if it fails to pay the New York hedge funds suing for full repayment on their bonds or reach a deal.

Jul 25, 2014

Argentina says debt battle can be resolved if good faith shown

BUENOS AIRES, July 25 (Reuters) – Argentina stressed on
Friday that it was impossible to fulfill a U.S. court ruling
ordering full payment to “holdout” investors suing the country
but said a deal needed to avert a default on its debt is still
possible.

Argentina is staring down the barrel of a second default in
12 years if it is unable, before a July 30 deadline, to reach an
agreement with the holdouts, New York hedge funds.

Jul 25, 2014

Argentina says debt deal possible if holdouts act in good faith

BUENOS AIRES (Reuters) – Argentina said on Friday that a debt deal could be reached with “holdout” investors suing the country for full payment of their bonds if they, and a U.S. judge who has ruled in their favor, start acting in good faith and showing a rational attitude.

Argentina is staring down the barrel of a second default in 12 years if it is unable, before a July 30 deadline, to reach an agreement with the holdouts, New York hedge funds.

Jul 23, 2014

Argentine president says debt stance not made on a whim

NEW YORK/BUENOS AIRES, July 23 (Reuters) – Argentina will
keep talking to “holdout” investors suing the country for full
payment on their bonds, but its demands should not be
trivialized as whims, its president said on Wednesday.

President Cristina Fernandez said Argentine officials would
travel as often as necessary to New York, where negotiations
aimed at staving off another painful debt default are being held
through a court-appointed mediator.

Jul 22, 2014

Analysis – Argentine default in balance as government refuses to capitulate

BUENOS AIRES (Reuters) – Argentine President Cristina Fernandez’s unflinching poker face in the battle against “holdout” investors suing the country is increasing the odds that her government will default for a second time in 12 years at the end of this month.

She has refused to budge from her stance that Argentina cannot pay out in full to the holdout hedge funds, which snapped up bonds on the cheap after its $100 billion default in 2002. That is despite indirect talks aimed at cutting a deal.

Jul 22, 2014

Argentine default in balance as government refuses to capitulate

BUENOS AIRES (Reuters) – Argentine President Cristina Fernandez’s unflinching poker face in the battle against “holdout” investors suing the country is increasing the odds that her government will default for a second time in 12 years at the end of this month.

She has refused to budge from her stance that Argentina cannot pay out in full to the holdout hedge funds, which snapped up bonds on the cheap after its $100 billion default in 2002. That is despite indirect talks aimed at cutting a deal.

Jul 18, 2014

Holdout says Argentina bent on default as debt deadline looms

BUENOS AIRES/NEW YORK (Reuters) – A lead holdout investor in Argentina’s debt row said on Friday the South American country seemed determined to default, after market gossip of a possible breakthrough sent Argentine bonds higher.

NML Capital Ltd, a unit of Elliott Management Corp suing for full repayment on its bondholdings, said Argentine officials refused to meet or negotiate ahead of a July 30 deadline.

Jul 18, 2014

Argentina bonds rally on chatter of “holdouts” flexibility

BUENOS AIRES, July 18 (Reuters) – Argentine
dollar-denominated bonds rallied on Friday in
over-the-counter trading on market chatter that “holdout”
investors suing for the full payment of bonds were open to the
idea of reinstating a court stay.

Recession-hit Argentina has until July 30 to settle with the
New York-based hedge funds or face another painful debt default
that would prolong its banishment from international capital
markets and pile more pressure on an ailing currency.