Elliot Management Hedge Fund claimed on Tuesday that President Cristina Fernández administration refuses to negotiate a solution over Argentine debt in default, stating that they would prefer to seek a solution with the head of state's successor in 2015.
The organization, fronted by Paul Singer, suggested presidential pre-candidates such as Daniel Scioli, Sergio Massa, or Mauricio Macri would be more open to negotiations than the government led by Cristina Fernández.
According to statements published earlier by Bloomberg news agency, the so called ‘vulture fund’ expressed that ”Radio silence is the best description for the current regime’s response to our frequent requests to negotiate a resolution,” and defined Argentine Finance minister Axel Kicillof economical team as “inexperienced”.
Argentina has refused to pay holdout bondholders, who maintain one of many lawsuits filed after Argentina's historic 2002 sovereign debt default, the full face value of the bonds.
The Argentine government has offered Paul Singer and other holdouts similar conditions to those accepted in 2005 and 2010 by 93% of defaulted and now restructured bondholders.
The litigation which started in a New York federal court has reached the US Supreme Court and has divided opinions since Argentina should pay its debts, (and has a historic negative record on the issue), but on the other hand letting down those who restructured could hamper future negotiations with sovereign debt.