MercoPress, en Español

Montevideo, October 31st 2020 - 16:16 UTC

 

 

Leading holdout hedge fund willing to give Argentina more time to negotiate

Tuesday, July 8th 2014 - 08:20 UTC
Full article 46 comments
“The silence from Argentina is deafening. It does not appear serious about reaching a timely resolution of its debts”, said Newman in a FT column. “The silence from Argentina is deafening. It does not appear serious about reaching a timely resolution of its debts”, said Newman in a FT column.

Elliott Management portfolio manager Jay Newman has revealed that the holdout hedge fund would be willing to give the Argentine government more time to negotiate following the nation's reverse in the US Supreme Court, while criticizing Economy minister Axel Kicillof for not meeting with the so-called 'vulture funds'.

 “Our firm could be persuaded to give Argentina more time if the government took concrete and serious steps to meet its obligations,” Newman explained in a column published on Monday by the Financial Times.

“But the silence from Argentina is deafening. It does not appear serious about reaching a timely resolution of its debts”.

Kicillof, who on Monday met with Daniel Pollack, the lawyer appointed by judge Thomas Griesa to mediate in the case between Argentina and the holdouts, was criticized by the Elliott representative for his actions in refusing to talk directly with those bondholders.

“Two weeks ago [Kicillof] flew to New York to give an inflammatory speech at the UN in which he blamed bondholders and the US legal system for his country's supposed inability to settle debts owed to thousands of investors,” Newman fired.

“Our offices are a 10 minute drive from UN headquarters, yet Mr. Kicillof flew home without even talking to us.”

The executive continued by reiterating that Elliott and other holdout funds would accept payment in the form of bonds and “other financial instruments,” holding up the example of the Repsol and Paris Club deals as models for a settlement. But he added that the government would have to enter talks if they wanted to strike a deal.

“Defiant speeches have not helped the country move on from the 2001 default. A single honest discussion could relegate it to the past,” Newman concluded.

Top Comments

Disclaimer & comment rules
  • ChrisR

    “But the silence from Argentina is deafening. It does not appear serious about reaching a timely resolution of its debts”.

    TMBOA and her crooks are scared shitless by Singer as are most of the argies on MP. They dare not talk to the “Vultures” in case they are seen for what they are by the people of The Dark Country, weak and feckless.

    ““Two weeks ago [Kicillof] flew to New York to give an inflammatory speech at the UN in which he blamed bondholders and the US legal system for his country's supposed inability to settle debts owed to thousands of investors,” Newman fired.
    “Our offices are a 10 minute drive from UN headquarters, yet Mr. Kicillof flew home without even talking to us.””

    Oh yes, NML et al have got the measure of Kickitoff alright. And he's the new hope for TMBOA! I think the noose is coming on the horizon for her and a number of her minions.

    Jul 08th, 2014 - 10:46 am 0
  • yankeeboy

    All they have to do is set up an escrow agreement in NYC under US law for the total due to all the holdouts.
    It is very simple.
    I wonder why they won't do it?

    Jul 08th, 2014 - 12:08 pm 0
  • ElaineB

    When I read this yesterday it confirmed once again that the Hedge Fund are open to negotiation. Contrary to the statements made by the Argentine government.

    NML had to push this to the final point because of the childish nature of the Argentine government. This could have been negotiated away a long time ago but gobby CFK just had to grandstand and make egotistical statements about 'never paying', which the home crowd loved. Then there were the insults about the judge, the PR campaign of being the victim, and the whining to everyone who would listen; none of whom are prepared to help Argentina.

    Now they have sent a boy to do a man's job. Kicillof is woefully unqualified to deal with this appalling situation that will affect the Argentine population for generations. If he had any cojones he would face the NML team, eat shit and accept the unnecessarily generous offer from them to negotiate. There is a deal to be done.

    Jul 08th, 2014 - 12:12 pm 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!