The following piece by Charles Lane published in the The Washington Post offers an interesting debate about future bailouts and sovereign debt restructuring, following on Argentina's case.
An Argentine prosecutor who was suspended for 'ill performance' in his investigation into the dealings of one of President Cristina Fernandez close business associates, received a massive support Wednesday evening from demonstrators who marched in downtown Buenos Aires to the Attorney General's Office.
The Argentine Navy took re-delivery of TR-1700 class submarine ARA San Juan last month after the boat underwent a mid-life update (MLU) program at the Argentine Naval Industrial Complex CINAR.
US Judge Tomas Griesa said on Wednesday that the televised speech delivered by President Cristina Fernández on Monday after the US Supreme Court declined to hear an appeal by Argentina in its battle against the holdouts was “a problem” for negotiations and implied he did not trust the Argentine leader.
The Argentine Ambassador to the United Kingdom, Alicia Castro made an official visit to Northern Ireland where she was received by Deputy First Minister Martin McGuinness. They agreed on stressing the importance of dialogue and called for ties between both parties to be strengthened.
Standard & Poor's cut its rating of Argentina's long-term foreign currency debt rating to CCC- from CCC+ with a “negative” outlook. A CCC rating is defined as “currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments,” according to S&P.
Argentina's industrial union and bank associations expressed their deep concern regarding Monday's US Supreme Court refusal to take the long standing case with the holdout hedge funds, and all called for a solution appealing to dialogue.
Argentina's former Economy Minister and architect of the 2005 rescheduling of defaulted debt, Roberto Lavagna called for “calm” and “seriousness” to rethink the country's legal strategy following the setback suffered on Monday when the US Supreme Court decided not to hear its appeal against holdout hedge funds.
The International Monetary Fund is “concerned about wider systemic implications” the ruling by the US Supreme Court could prompt following its decision not to consider Argentina’s appeal aimed at staving off a default.
Economy Minister Axel Kicillof has announced that the government plans to reopen the debt swap program in the hope of renegotiating bonds held by hedge funds, after the US Supreme Court declined to take Argentina's case against the so-called 'vulture funds'.