Jul 31, 2014

Argentina defaults but investors see deal possible eventually

BUENOS AIRES, July 31 (Reuters) – Argentina defaulted for
the second time in 12 years after last-ditch talks with what it
called “vulture” creditors failed, as focus turned to whether
big banks and funds would request the declaration of a “credit
event”.

After a long legal battle with hedge funds which had
rejected Argentina’s debt restructuring following a 2002
default, Latin America’s third-biggest economy failed to strike
a deal in time to meet a midnight U.S. eastern time (0400 GMT)
payment deadline.

Jul 31, 2014

Argentina fails to reach debt agreement, default imminent

BUENOS AIRES/NEW YORK, July 30 (Reuters) – Argentina faces
its second default in more than 12 years after talks with
holdout creditors failed on Wednesday.

The country’s economy minister, Axel Kicillof, speaking at a
news conference at the Argentine consulate in New York,
repeatedly referred to the holdout hedge funds as “vultures”
after two days of talks failed to produce an agreement.

Jul 31, 2014

Argentina fails to reach debt agreement, default looms

BUENOS AIRES/NEW YORK (Reuters) – Argentina failed to strike a deal to avert its second default in more than 12 years after talks with holdout creditors ended without a settlement on Wednesday.

The country’s economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly referred to the holdout hedge funds as “vultures” after two days of talks failed to produce an agreement.

Jul 30, 2014

Argentine debt talks go down to the wire to avert default

BUENOS AIRES, July 30 (Reuters) – Argentina faced a race
against on time on Wednesday to avert its second default in 12
years, needing either to cut a deal by the end of the day with
“holdout” investors suing it or to win more time from a U.S.
court to reach a settlement.

Argentine Economy Minister Axel Kicillof hurried to New York
on Tuesday to join last-ditch negotiations, holding the first
face-to-face talks with the principals of New York hedge funds
who demand full repayment on bonds they bought at a discounted
rate after the country defaulted in 2002.

Jul 30, 2014

Time almost up for Argentina to avoid debt default

BUENOS AIRES, July 30 (Reuters) – Argentina faced a race
against on time on Wednesday to avert its second default in 12
years, needing to either cut a deal by the end of the day with
“holdout” investors suing it or win more time from a U.S. court
to reach a settlement.

Argentine Economy Minister Axel Kicillof scrambled to New
York on Tuesday to join last-ditch negotiations, holding the
first face-to-face talks with the principals of New York hedge
funds who demand full repayment on bonds they bought at a
discounted rate after the country defaulted in 2002.

Jul 29, 2014

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 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.