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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.

Jul 31, 2014

Argentina braces for market reaction to second default in 12 years

BUENOS AIRES, July 31 (Reuters) – Argentina defaulted for
the second time in 12 years after hopes for a midnight deal with
holdout creditors were dashed, setting up stock and bond prices
for declines on Thursday and raising chances a recession could
worsen this year.

After a long legal battle with hedge funds that rejected
Argentina’s debt restructuring following its 2002 default, Latin
America’s third-biggest economy failed to strike a deal in time
to meet a midnight deadline for a coupon payment on exchange
bonds.

Jul 26, 2014

Argentine default looms as time runs out for debt deal

BUENOS AIRES (Reuters) – Argentina looks set to default on its debt for the second time in 12 years next Thursday as negotiations with “holdout” investors seemingly go nowhere and neither side shows signs of blinking first, though a last minute deal can’t be discounted.

Latin America’s No. 3 economy has for years fought the holdout hedge funds which snapped up its junk bonds after its $100 billion default in 2002 and then refused the restructuring terms, suing for repayment in full.

Jul 7, 2014

Argentina asks mediator for stay on U.S. court debt ruling

NEW YORK/BUENOS AIRES (Reuters) – Argentina’s economy minister on Monday told a mediator in the country’s dispute with holdout investors that the U.S. court ruling against the country is “impossible” to fulfill and a stay is necessary in order to reach a solution for all creditors.

The country needs to make a deal with the holdouts who rejected debt restructurings after its 2002 default if it is to avoid a new default just as it struggles with recession and dwindling reserves.

    • 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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