Tag: Holdout fundsHoldout funds
Holdout investors involved in litigation with Argentina over sovereign debt said on Monday they have not met with the government to negotiate a settlement on defaulted debt, and accused Buenos Aires of refusing to enter talks as a 30-day countdown to default begins.
The Argentina litigation with holdout hedge funds will have an additional ingredient this Monday when the Organization of American States, OAS, Permanent Council holds an extraordinary session, on a special request from Argentina, to consider a consultation meeting of foreign ministers to address the issue of sovereign debt restructuring.
The United Nations trade and development agency UNCTAD said on Wednesday in a rare release that the recent U.S. court ruling on Argentina's debt erodes sovereign immunity and does not comply with the country's own U.S. Foreign Sovereign Immunities Act.
Economy minister Axel Kicillof said US courts haven't yet responded to Argentina's request this week for more time to negotiate a settlement with a small group of holdout creditors and warned the country could face a technical default next Monday if the sentence remains firm.
The government of President Cristina Fernandez awaits Judge Griesa's decision after the request to issue a stay on the ruling that orders Argentina to pay all the bondholders at the same time, Argentine Cabinet Chief Jorge Capitanich said in his daily press briefing at Government House on Tuesday.
Argentina’s bond fight against holdout hedge funds will reach the United Nations headquarters on Wednesday when Economy Minister Axel Kicillof addresses the G77 plus China 134-nations plenary on Argentina's debt restructuring process.
In a conciliatory speech compared to previous statements, President Cristina Fernandez said on Friday her government would negotiate with all of Argentina's creditors in a bid to avoid a new debt default that would further weaken the country's ailing economy.
Cristina Fernandez on her Friday Flag Day speech in which she lowered usual rhetoric and asked US Judge Thomas Griesa for negotiations with the holdout hedge funds, picked on the Falkland Islands sovereignty dispute to channel her fury and forecasted there “is no colonialism that can last so many centuries, eventually they fall”.
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.