Argentina

Sunday, August 3rd 2014 - 13:22 UTC
“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.
Saturday, August 2nd 2014 - 09:18 UTC
“Debt restructuring” and the Argentine case by Joseph Stiglitz

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.
Saturday, August 2nd 2014 - 09:08 UTC
IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.
Saturday, August 2nd 2014 - 08:58 UTC
Argentina suggests Griesa and Pollack are actively helping holdouts by declaring a 'default'

The Argentine Economy Ministry claimed on Friday New York judge Thomas Griesa has benefited “vulture funds” during negotiations over Argentina's defaulted debt with holdouts and asked the (Argentine) National Values Commission (CNV) to start an investigation over alleged “speculative moves”.
Saturday, August 2nd 2014 - 08:46 UTC
Brazilian media call Cristina Fernandez, “inept, arrogant and incompetent”

The leading Brazilian newspapers blasted Argentine president Cristina Fernandez as the sole responsible for the 'default event' which followed the failure of negotiations with holdouts in New York. This despite the fact Brazilian economy minister Guido Mantega denied Argentina was in default and strongly supported the Argentine government.
Saturday, August 2nd 2014 - 04:08 UTC
Griesa orders Argentina/holdouts to resume negotiations and an end to 'misleading information'

US District Judge Thomas Griesa presiding over Argentina's bitter dispute with two hedge funds left the country stranded in default on Friday, ordering it to hold new negotiations and calling for an end to “mistrust”. In a stern tone Griesa slammed the decision by Argentina to defy his order that it pay in full holdout investors and instead opted to default on 29 billion dollars in debt.
Friday, August 1st 2014 - 08:57 UTC
Hedge fund Aurelius denies any serious proposition to buy its holdout bonds

Aurelius Capital Management has shot down speculation that the hedge fund was fielding a viable private-sector proposal for selling its untendered Argentine sovereign debt in a bid to shorten the amount of time Argentina is in default.
Friday, August 1st 2014 - 08:42 UTC
UBS calls on Swaps Association to ask if a “failure to pay” event had occurred

The International Swaps and Derivatives Association (ISDA) said on Thursday it had received its first request to consider whether a credit event had occurred, according to the ISDA website.
Friday, August 1st 2014 - 08:33 UTC
US calls on Argentine government to seek 'practical solutions' with holdouts

Kevin Sullivan, US interim ambassador in Argentina affirmed on Thursday that the country must seek “practical solutions” with the 'holdouts' or the so called vulture funds over defaulted bonds.
Friday, August 1st 2014 - 08:24 UTC
Argentine shares and bonds plunge, while US dollar climbs as operators seek refuge

Argentine shares and bonds plunged on Thursday as investors reacted to the failed negotiations between Argentina and the holdout hedge funds in New York. At the Buenos Aires City stock market the Merval index closed down by 8.4% to 8,187.99 points, far from yesterday’s record 6.9% climb.