Tag: Vulture fundsVulture funds
Two US hedge funds suing Argentina for full payment on defaulted bonds rejected on Friday, President Cristina Fernandez government offer to settle the suit with a deal that would give them approximately 25% of what they were seeking.
Argentine Economy Minister Hernán Lorenzino is in Washington ready to start his official activities in the margins of the 2013 International Monetary Fund and World Bank Spring meeting.
Argentina plans to offer suing holdout creditors a 25-year bond equal to the face value of their debt when the country defaulted in 2002, local financial daily Ambito Financiero reported on Wednesday.
President Cristina Fernández defended on Friday her debt reduction policies and blasted the so-called vulture funds and multilateral organizations but also admitted Argentina was willing to pay holdouts on the same conditions that those who accepted the 2005 and 2010 debt restructuring.
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.
A New York federal appeals court has agreed to hear from more parties potentially affected by its review of a decision requiring Argentina to pay 1.33 billion dollars to bondholders who did not participate in two debt restructurings.
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.