Tag: Thomas GriesaThomas Griesa
Hedge fund Aurelius Capital Management, one of the major creditors in the Argentine bond litigation who has not agreed to participate in a proposed $6.5 billion settlement, called Argentina's decision to return to court in the dispute baffling.
In the midst of ongoing negotiations in the United States courts between the administration of President Mauricio Macri and holdouts to reach an agreement, special master Daniel A. Pollack on Friday issued a statement reiterating “two major holdouts reached agreements in principle with Argentina to settle their claims.
While investors cheered progress on last week's arduous negotiations in New York between Argentine government officials and litigant investors, the administration of president Mauricio Macri still faces an uphill battle as it works to bring other holdouts on board.
Argentina announced Tuesday that it reached a $900 million preliminary accord to settle its pending debt with 50,000 Italian holders of defaulted Argentine government bonds. Finance minister Alfonso Prat-Gay said that the agreement with Italian bondholders includes the Argentine government's acknowledgement of the debt and reasonable interest.
Representatives from holdout investment funds have requested the Argentine government to postpone until the first week of February, next week's scheduled proposal to overcome the country's debt situation which remains technically in default.
Argentina announced that all the details of the negotiation with the speculative funds, taking place in New York, will be made public in order to guarantee the transparency of the process. The news from the Finance Ministry dismissed reports that the holdouts were demanding the Argentine government sign a confidentiality agreement before talks can begin.
Argentina's new finance minister said on Wednesday it was imperative to resolve the country's legal dispute with U.S. creditors over unpaid debt because financing of the country's fiscal deficit this year may depend on progress on the issue.
A challenging financial week takes off for Argentina's new administration of president Mauricio Macri: on the one hand Argentine farmers have to keep their part of the deal by providing the central bank with 400 million dollars a week, and on the other the long-awaited debt talks are expected to resume in New York next Wednesday with United States hedge funds suing Argentina over defaulted sovereign bonds.
Creditors suing Argentina over billions of dollars in defaulted bonds have subpoenaed HSBC Holdings Plc for information about the country's effort to raise money abroad, a person familiar with the matter said on Tuesday, as reported by Reuters.
The incoming government of Argentine president Mauricio Macri is about to receive its first financial boost from overseas, which according La Nacion sources could be in the range of 8 billion dollars.