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Aug 26, 2014

Argentina revokes Bank of New York Mellon’s authorization to operate

BUENOS AIRES (Reuters) – Argentina said on Tuesday it had stripped Bank of New York Mellon’s authorization to operate in the South American country, its latest move against the financial institution which obeyed a U.S. court ruling that tipped it into default.

Argentina’s Congress is due on Wednesday to discuss a law that would replace BONY as intermediary for payments on foreign law bonds with the state-controlled bank Banco Nacion, as part of a new debt restructuring plan.

Aug 22, 2014

Hurdles obstruct Argentina’s path to restructuring debt

BUENOS AIRES (Reuters) – Argentina’s proposed debt restructuring plan, designed to sidestep U.S. court rulings that led to the country’s default in July, faces massive legal and logistical hurdles that mean it may never get off the ground, lawyers said.

Left-leaning President Cristina Fernandez unveiled on Tuesday measures that would see the South American country make payments on debts held under foreign legislation in Argentina and push bondholders to bring their notes under Argentine law.

Aug 20, 2014

Argentina’s default strategy raises debt acceleration risk

BUENOS AIRES (Reuters) – Argentina’s plan to restructure its external debt to skirt a U.S. ruling that prevented it paying its creditors boosts the risk of investors demanding the accelerated payment of their bond holdings.

Its second default in little over a decade opened Latin America’s No. 3 economy to the possibility of creditors declaring the principal value of their bonds and interest due immediately – a process known as acceleration.

Aug 20, 2014

Argentina aims to skirt U.S. court, bring debt under national law

BUENOS AIRES (Reuters) – President Cristina Fernandez on Tuesday unveiled legislation that seeks to push bondholders to swap defaulted debt for new notes governed by Argentine law, a move aimed at skirting a U.S. ruling that prevented her government from paying its creditors.

Argentina slid into default last month after a New York court blocked an interest payment of $539 million owed to holders of debt issued under U.S. legislation that was restructured after the country’s record 2002 default.

Aug 4, 2014

Argentina launches investigation into holdouts’ investments

BUENOS AIRES, Aug 4 (Reuters) – Argentina’s markets watchdog
on Monday launched an investigation into what it believes may
have been unlawful speculation by holdout creditors whose
litigation against the country for repayment of their defaulted
bonds pushed it into a new default last week.

The government also reiterated its fierce criticism of the
mediator in debt talks with the holdout hedge funds for being
“biased” and a “spokesman of the vulture funds”.

Aug 4, 2014

Argentina launches investigation into holdouts’ possible misconduct

BUENOS AIRES, Aug 4 (Reuters) – Argentina’s markets watchdog
on Monday launched an investigation into possible unlawful
speculation by holdout creditors whose litigation against the
country for repayment of their defaulted bonds pushed it into a
new default last week.

The government also reiterated its fierce criticism of the
mediator in debt talks with the holdout hedge funds for being
“biased” and a “spokesman of the vulture funds”.

Aug 1, 2014

Argentine markets fall post-default, New York hearing on Friday

BUENOS AIRES (Reuters) – Argentina’s bond and stock markets and peso currency dropped on Thursday after Latin America’s No. 3 economy defaulted for the second time in 12 years following the collapse of last-ditch talks with holdout creditors.

The default came after Argentina failed to strike a deal with lead holdout investors NML Capital Ltd, an affiliate of Elliott Management Corp and Aurelius Capital Management, in time for a midnight Wednesday EDT (0400 GMT) payment deadline.

Aug 1, 2014

Argentine markets fall post-default, NY hearing on Friday

BUENOS AIRES (Reuters) – Argentina’s bond and stock markets and peso currency dropped on Thursday after Latin America’s No. 3 economy defaulted for the second time in 12 years after the failure of last-ditch talks with holdout creditors.

The default came after Argentina did not strike a deal with lead holdout investors NML Capital Ltd, an affiliate of Elliott Management Corp and Aurelius Capital Management, in time for a midnight Wednesday EDT (0400 GMT) payment deadline.

Aug 1, 2014

Business as unusual for sanguine Argentines in default deja vu

BUENOS AIRES (Reuters) – Argentina may have defaulted on its debt for the second time in 12 years on Thursday, but the packed elegant cafes in Buenos Aires show little sign of distress and shoppers rather than protestors fill the streets.

Jose Bini, a 27-year-old Argentine entrepreneur, shrugged off the news of the default with resigned laughter, saying he was used to economic crises. At least this was not as bad as the 2001/02 crash in Latin America’s No. 3 economy, he said.

Jul 31, 2014

Argentina defaults but investor see eventual deal possible

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, though debt insurance prices
on Thursday suggested investors believed a deal could eventually
be reached.

After a long legal battle with hedge funds that 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 payment deadline.

    • About Sarah

      "Sarah covers economic and political news from Argentina as part of the Reuters Latin America reporting team. The focus this year is on a shift in policy ahead of key elections in late 2015 and signs of a slowdown in an economy marked by one of the world’s highest inflation rates. Sarah moved to Buenos Aires in 2014 from Berlin, where she reported on Europe’s largest economy for five years during the euro zone debt crisis. She joined Reuters as a graduate trainee in the London HQ in 2007 and has also done assignments in Frankfurt and Vienna. ..."
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