Argentina

Argentina
Saturday, July 26th 2014 - 06:56 UTC

Cristina Fernandez will analyze holdouts' case during her stay in Rio Gallegos

The Argentine president left on Friday for Santa Cruz

President Cristina Fernandez left on Friday for Santa Cruz province, where she will stay for the weekend and analyze New York Argentine/holdouts case briefings. The Argentine delegation returned on Friday to Buenos Aires after two meetings with appointed mediator Daniel Pollack in New York, where no resolution was reached.

Saturday, July 26th 2014 - 06:49 UTC

IMF warns about 'default' costs for Argentina; calls for debt restructuring mechanisms

“If Argentina goes into default and doesn't pay the holdouts, for some time it will be unable to access markets” said Olivier Blanchard

The IMF's chief economist warned that a default by Argentina in its battle with holders of its defaulted debt may hurt its economy and the global financial system. Argentina continues to face the fallout of its 2001 debt default, which plunged the country into an economic crisis it is still battling to overcome.

Saturday, July 26th 2014 - 06:36 UTC

Argentina/holdouts impasse remains; delegation back to Buenos Aires for instructions.

 Consistent with Judge Griesa’s direction ”I anticipate that there will be further communications with the parties prior to the Default date (July 30)” said Pollack

Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors in New York on Friday in talks that lasted just an hour. The Argentine delegation is flying back to seek instructions from its government, mediator Daniel Pollack said, while the country's economy ministry underscored it would continue the dialogue with him over the next few days.

Friday, July 25th 2014 - 21:22 UTC

“Malvinas banner” display costs Argentina 30.000 Swiss francs fine

'Las Malvinas son Argentinas', before kick-off in a friendly against Slovenia in La Plata on June 7.

FIFA has fined the Argentine Football Association 30,000 Swiss francs (£19,540) as punishment for the displaying of a provocative banner relating to the Falkland Islands.

Friday, July 25th 2014 - 05:58 UTC

Argentines consider Mujica far “more honest” than Cristina Fernandez

The Giacobbe & Associates poll has Pope Francis in position 1, Mujica, 11 and Cristina, 38.

An 'honesty' ranking by Argentine pollster, Giacobbe & Associates, based on 500 names, both alive and deceased, shows the country's public opinion poor belief in the political system, with president Cristina Fernández ranked 38, fourteen positions down from a similar poll last year and behind her Uruguayan peer Jose Mujica ranked 11.

Friday, July 25th 2014 - 05:49 UTC

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

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.

Friday, July 25th 2014 - 05:36 UTC

Argentina/holdouts will meet again on Friday; “issues remain unresolved”

The issues separating the parties remain unresolved at this time. The time for the Republic to avoid Default (July 30) is short, said Pollack

Daniel A. Pollack, the Special Master appointed by Judge Thomas P. Griesa to conduct and preside over settlement negotiations between Argentina and the holdouts from speculative funds said that Thursday's meeting had failed and announced a new audience for Friday at 10:00 in the morning in New York.

Friday, July 25th 2014 - 05:22 UTC

“The muddled case of Argentine bonds”, as seen by New York Times

“Only now is Judge Griesa learning how complicated life can be for a judge seeking to control actions by a sovereign government”

The following piece was written by Floyd Norris, financial analyst from The New York Times and refers to the complicated process that has emerged from the ongoing battle between Argentina and the holdouts demanding full payment of sovereign bonds, plus accrued interests.

Friday, July 25th 2014 - 05:14 UTC

Argentina insists on Griesa for some insurance against the RUFO clause

The latest release followed a meeting between President Cristina Fernandez and minister Kicillof

After failing to reach an agreement during Thursday's meeting with court-appointed mediator Daniel Pollack, Argentina reiterated that there could be no negotiations with speculative funds or 'vulture funds' until judge Thomas Griesa provides some insurance against possible liabilities related to the 'Rights upon Future Offers' (RUFO) clause.

Thursday, July 24th 2014 - 22:55 UTC

Speculative funds denies any request to temporary suspend payment order

“The story is utter fiction” said Brodsky, chairman of Aurelius Capital Management

Argentine debt holdout investor Mark Brodsky, chairman of Aurelius Capital Management, said his group will not ask US Judge Thomas Griesa to suspend his payment order, after a story in Argentina's La Nacion newspaper on Thursday suggested that Paul Singer’s NML Capital Ltd could ask Griesa to reinstate the stay of injunction as requested by Argentina.

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