MercoPress. South Atlantic News Agency
Pollack statement: “pleased to report that enormous progress has been made”
I have personally spoken today by telephone to President Mauricio Macri and, earlier in the day, to Minister of the Economy Alfonso Prat-Gay. 
Both have shown courage and flexibility in stepping up to and dealing with this long-festering problem which was not of their making. 
Argentina has released a proposal to settle with and pay the many defaulted Bondholders with cases in the Federal Court in New York Hon. Thomas P. Griesa. Daniel A. Pollack, Special Master presiding over settlement negotiations between the Republic of Argentina and its “holdout” Bondholders issued the following statement today (Friday, Jan 5):
In my capacity as Special Master, I have met over the past week with high-level Argentine government officials and senior-most principals of the leading institutional “holdout” Bondholders as well as attorneys for individual Bondholders. The negotiations were intense, but civil, and I am pleased to report that enormous progress has been made. Argentina today has released a proposal to settle with and pay the many defaulted Bondholders with cases in the Federal Court in New York pending before Hon. Thomas P. Griesa. The payments, if made, will total approximately $6.5 billion. The proposal is subject to two important conditions:
1. approval by the Argentine Congress, and 2. lifting of the Injunction that Judge Griesa issued several years ago.
This litigation has gone on for nearly 15 years since the original Argentine default of 2001, and the proposal by Argentina is an historic breakthrough which, if the conditions mentioned above are met, will allow Argentina to return to the global financial markets to raise much needed capital. I have personally spoken today by telephone to President Mauricio Macri and, earlier in the day, to Minister of the Economy Alfonso Prat-Gay. They both stand solidly behind this proposal. Both have shown courage and flexibility in stepping up to and dealing with this long-festering problem which was not of their making. I also wish to acknowledge the tireless and meaningful contributions of their team on the ground in New York City, led by Secretary of Finance, Luis Caputo, and Vice Chief of the Cabinet, Mario Quintana. Others on their team worked around the clock to facilitate the negotiations, and there were many senior ministers in Buenos Aires who, although not physically present, were important to the process, in particular the Chief of the Cabinet, Marcos Peña.
On the “holdout” Bondholders side, all of the senior principals involved worked diligently to resolve differences between their firms and Argentina. Two of the six leading “holdouts” succeeded in doing so, and have signed Agreements in Principle with Argentina; four of the six have yet to reach agreement. It is my strong hope that, with continued negotiations those firms, too, will be able to resolve their differences and reach Agreements in Principle with Argentina. All concerned on the “holdout” Bondholders side are working constructively to that end.
The events of this week and today were an important step in resolving Argentina's debt crisis; more remains to be done. No further statement will be made tonight.
Top Comments
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Read all comments“not of their making”
Feb 06th, 2016 - 12:12 pm 0lol.
Did Uraguava steal the rg seal and issue the bonds in their name?
Did Brazzer get the proceeds from the bond sales.
Another whore of Wall Street tries to insult my intelligence by invoking time and or distance as a bar to obligation.
Pollock - it's SOVEREIGN debt!
These guys are rg and duly appointed representatives of a duly elected rg government.
They obviously weren't signatories to the issuance of the bonds but no citizen or representative thereof would be and neither would they be individual personal guarantors of the same - it was and is an obligation predicated on the full faith and performance of rgntiny.
To diminish and trivialize that national promise to its bondholders by seeking to draw an equivalency to succession in representatives to a diminishment in obligation is a fool's errand.
Or the statement could be seen as a sugar-coated but rather obvious insult directed at not only the Kirchners but also earlier argento governments.
Feb 06th, 2016 - 12:42 pm 0And if Singer's team doesn't like the proposal and wants a better deal? Then nobody gets paid until they are happy with something better. It doesn't take much of a thinker to suspect that Macri's team built a lot of wiggle space into their 25% haircut offer. Who wants to speculate that the real majors in this won't settle for any haircut greater than 15%?
@1
Feb 06th, 2016 - 12:46 pm 0Obviously from reading your rants you don't know the first thing about honesty, integrity, honoring your debts, playing the cards you've been delt, take a loss like a man and earn the respect of others, sense of fair play, your word is your bond actions are better than rants.
A country is, as you suggest, is made up of people, but the big difference is the people represent the country and their actions ARE the country. I'll bet you don't pay your bills on time, that you have few friends, no respect from anyone, are miserable at best and go though life just sucking up oxygen while accomplishing nothing.
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