Tag: hedge fundshedge funds
“We are representing a government, and governments will not be told to do things that fundamentally violate their principles” lawyer Jonathan Blackman told the Manhattan US appeals court.
Argentina's defence urged a US appeals court on Wednesday to come up with a workable solution to its long-running fight with so-called holdout bondholders, and assured the country will not pay an amount exceeding the one set in the debt-swaps.
The long-awaited showdown in a US appeals court this week pits Argentina against a group of investors who refused to swap their debt after the country's historic 2002 default.
Argentina has made its final written arguments ahead of a February 27 US courtroom showdown against holdout bondholders demanding full payment of capital plus interests for sovereign debt from the default of more than a decade ago.
Following Friday’s IMF ‘declaration of censure’ on Argentina because of the lack of reliability in its inflation and GDP stats, and the country’s first reaction virtually describing the Fund as mother of all financial evils, Minister of Economy Hernan Lorenzino announced a new ‘national’ Consumers Prices Index to be implemented in the course of this year and which will replace the current GBA-IPC.
Hedge fund investors who refused to join two sovereign debt restructurings by Argentina urged a US court in New York to force the country to pay them.
European Union finance ministers have agreed to introduce tougher regulation of the hedge fund industry. Ministers overrode objections by the new UK government and the City of London, where 80% of European funds are based.