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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.
After a day of fury and discussions with cabinet members, advisors and experts, Argentine president Cristina Fernandez will be sending a government delegation to New York to meet Judge Thomas Griesa and the hedge funds holdouts' solicitors and begin, hopefully, a round of negotiations to reach a settlement on the bonds litigation.
The following piece by Charles Lane published in the The Washington Post offers an interesting debate about future bailouts and sovereign debt restructuring, following on Argentina's case.
Uruguay's president Jose Mujica delivered a message from Barak Obama to Cuba's Raul Castro proposing the opening of dialogue to discuss the blockade, reported the Montevideo media on Thursday. The occasion was the recent G77 summit held in Bolivia.
Payment of bond service due on June 30 in New York has been made impossible by Wednesday's lifting of a stay by a U.S. federal court, Argentina's economy ministry said on Wednesday, in a move that appeared to push the country closer to default.
The US Federal Reserve has cut its growth forecast for 2014 because of the harsh winter weather. The central bank is now predicting growth of between 2.1% and 2.3% for this year, down from its March forecast of 2.8% to 3%.
US Judge Tomas Griesa said on Wednesday that the televised speech delivered by President Cristina Fernández on Monday after the US Supreme Court declined to hear an appeal by Argentina in its battle against the holdouts was “a problem” for negotiations and implied he did not trust the Argentine leader.
The Obama administration announced on Tuesday an initiative to track every fish sold in the United States, a move designed to crack down on illegal, unreported and unregulated fishing, mislabeling of seafood and related problems.
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.
The International Monetary Fund is “concerned about wider systemic implications” the ruling by the US Supreme Court could prompt following its decision not to consider Argentina’s appeal aimed at staving off a default.