Tag: Vulture funds

Vulture funds
Friday, September 12th 2014 - 06:55 UTC

With the new bill “Argentina wants to pay, can pay and will pay all contracted debts”

The current financial situation has nothing to do with the last socio-economic crisis in 2001. “We are in an exactly reverse situation, in 180 degrees”

Argentine President Cristina Fernández signed into law the Sovereign Debt bill, which changes the payment location of Argentine bondholders and which was approved by Congress early Thursday morning after 18 hours of debate.

Thursday, September 11th 2014 - 04:30 UTC

Despite all the negative economic data, Argentina's stock market has almost doubled this year

Much of the money flowing into Argentina's Merval this year has come from wealthy Latin American investors

Despite all the negative news on government restrictions imposed on the Argentine economy and the shortage of hard currency, the country's Merval Index has skyrocketed almost 100% this year, the highest of any stock market in the world. It includes many of the largest companies in the country such as Telecom Argentina and Energy Petrobras, along with banks and a steel maker.

Tuesday, September 2nd 2014 - 07:43 UTC

Falklands/Malvinas issue to be addressed by Mercosur parliament 11 November

The Parlasur delegation with their host Julian Dominguez, president of the Lower House, during the visit to the Argentine congress

The Mercosur Parliament, Parlasur will be holding a special session next 11 November in Montevideo dedicated to the Falklands/Malvinas Islands sovereignty issue, it was announced this Monday in Buenos Aires during a visit of a delegation from the regional legislative to the Argentine congress.

Monday, September 1st 2014 - 13:46 UTC

Timerman presents plan to regulate sovereign debts before the UN on Tuesday

The minister called for a “regulatory framework for debt restructuring process that is not only economical but political and social”

Foreign Minister Hector Timerman referred to Argentina’s plan to regulate international debt restructurings, to be presented on Tuesday before the UN’s General Assembly, and stressed the importance of the project saying that “the legal loophole is huge” and that it affects “most of the countries in the world.”

Saturday, August 30th 2014 - 08:01 UTC

Judge Griesa schedules new hearing; Argentina appeals to United Nations on holdout case

Following a request from Elliott NML Capital, US District Judge Griesa scheduled a hearing for Sept. 10 at 2:30 p.m. EDT

The US judge overseeing litigation by Argentina and creditors who did not participate in the country's past debt restructurings scheduled a hearing to assess whether Citigroup Inc (C.N) should be forced to comply with a subpoena.

Thursday, August 21st 2014 - 08:30 UTC

Kicillof: “no change of NY jurisdiction, but a change of payment location”

 Judge Griesa “clearly benefits” 1% of creditors “that never entered and never wanted to enter” the debt restructurings, claimed Kicillof

Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.

Thursday, August 21st 2014 - 07:07 UTC

Aurelius Capital brands Argentine leaders 'outlaws' for flouting US courts orders

 Tuesday evening President Cristina Fernandez revealed a plan to shift interest payments to holders of the country's restructured bonds to an Argentine bank

One of two hedge funds that sued Argentina over defaulted bonds branded the country's leaders “outlaws” on Wednesday after Buenos Aires moved to shift its bond payment method.

Saturday, August 16th 2014 - 11:32 UTC

Trust in Argentine reliability has vanished, as a result of the bonds' litigation

Cristina Fernández said the collapse of a private deal proved what she has long said: 'vulture funds' do not want to reach an agreement

Debt talks on Argentina’s defaulted bonds in the hands of holdout hedge funds ultimately collapsed this week due to disagreements over prices and the absence of a government guarantee to honor payments on the paper, sources close to the discussions said.

Saturday, August 16th 2014 - 08:45 UTC

Global trade union summit condemns actions of vulture funds against Argentina

 Workers' worldwide “mass support shows international condemnation of the speculative actions of vulture funds”, said the former union leader Ms Castro

The International Transport Workers’ Federation passed on Friday a motion condemning the actions of the 'vulture funds' against Argentina and calling ”not to allow the vulture funds to paralyze the debt-restructuring processes of developing countries or prevent states from exercising their right to protect their citizens under international law”, according to a release from the Argentine embassy in London.

Wednesday, August 13th 2014 - 22:29 UTC

Majority of Argentines fear consequences of the default and favor continuing negotiations

Support for Cristina Fernandez has also dropped during the last month in parallel with the ongoing drop in consumers' confidence

A majority of the Argentine electorate is pessimistic about the consequences of the 'selective default' on the economy, but considers that negotiations with the 'holdouts' must continue, according to a public opinion poll from Poliarquia which also showed that support for president Cristina Fernandez has fallen during the last month.

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