MercoPress, en Español

Montevideo, March 19th 2024 - 03:52 UTC

 

 

Holdouts lash out at Argentina: “it is choosing to default next week”

Friday, July 25th 2014 - 05:49 UTC
Full article 78 comments
Paul Singer is head of NML Capital, together with Aurelius Capital the two main holdouts litigating with Argentina  Paul Singer is head of NML Capital, together with Aurelius Capital the two main holdouts litigating with Argentina

NML Capital Ltd, one of the lead holdout creditors in Argentina's sovereign bond dispute said on Thursday the Argentine government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.

After meeting separately with the court-appointed mediator Daniel Pollack on Thursday, an NML spokesman said in a statement: “Today, Argentina's government made clear that it will be choosing to default next week.”

Argentina faces a July 30 deadline to either reach an agreement with holdout creditors that allows bondholders who did participate in two prior restructurings to receive their money, now blocked by court-order, or for Argentina to default.

NML said it was prepared to negotiate with the government's team and is “willing to be flexible in forging a solution. Argentina again refused to negotiate any aspect of the dispute.”

“Instead, its representatives simply stated that no solution was possible.” More negotiations are expected to take place in the coming days, Daniel Pollack, said in a separate statement where he said time for avoiding a default “is short.”

According to US Judge Thomas Griesa, Argentina has to pay holdouts as well as bondholders which entered the 2005 and 2010 debt restructurings before that date, 30 July if not, the country will default.
 

Top Comments

Disclaimer & comment rules
  • gordo1

    What wonderful money managers are the Argentines! Especially if it is other people's money!

    Jul 25th, 2014 - 05:54 am 0
  • ilsen

    Argentina: Spending Other People's Money Since 1816

    Jul 25th, 2014 - 08:40 am 0
  • ElaineB

    You have a child advising a crazy woman. There is a solution if only Argentina could send an adult to negotiate.

    Jul 25th, 2014 - 09:03 am 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!