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.
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.
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.
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.
In a defiant speech President Cristina Fernández reiterated on Wednesday that Argentina will not fall into default and warned that they will have to invent a new word to explain how a country has paid its debt and someone blocked it.
A 1951 Cadillac limousine owned by former Argentine president Juan Domingo Peron will be auctioned at Silverstone Auctions in England. The car, which was part of a Peron-Eva exhibition at the Eva Peron Museum in Buenos Aires, is privately owned, and was handed over to the auction house. The Cadillac has an estimated value of between 200,000 and 260,000 pounds.
Argentina reacted strongly to Tuesday's events in the New York federal court which denied its stay request, claiming Judge Thomas Griesa did not solve absolutely any of the issues for which he summoned today's audience, insisting with his unbelievable ban on structured bonds' collecting their payment.
Following on Tuesday's audience with Judge Thomas Griesa, NML Capital the leading speculative fund litigating with Argentina, issued a release saying “it is willing to hold a meeting with 'Special Master' Daniel Pollack and Argentina to solve the dispute”.
US Judge Thomas Griesa rejected on Tuesday Argentina’s request for a suspension ('stay') on the ruling that ordered Buenos Aires to pay 1.3 billion dollars plus interests to holdout speculative funds and instructed Argentina and holdouts to meet on Wednesday morning for a first face-to-face meeting.
Argentine investigative reporter Jorge Lanata, loathed by the current government of president Cristina Fernandez for his disclosure of the close business links of certain unscrupulous entrepreneurs (or most probably straw-men) who have become millionaires during the Kirchner years, has now exposed the 'calamitous' state of the Argentine armed forces equipment.