Economy

• Friday, August 1st 2014 - 07:57 UTC

  World economists call on US Congress to take action on the Argentina/holdouts rulings

  

  Over 100 economists, including Nobel laureate Robert Solow, Branko Milanovic and Dani Rodrik called on the United States Congress to take action to mitigate the harmful fallout from the recent ruling by Judge Griesa of the U.S. District Court for the Southern District of New York that requires Argentina to pay holdout creditors at the same time as the majority of creditors.

• Friday, August 1st 2014 - 07:52 UTC

  Argentine president defies Judge Griesa rulings and mocks 'selective default'

  

  President Cristina Fernández said on Thursday she will not “sign an agreement” that compromises Argentina's future, while blasting “vulture funds” for wanting to “collect Griesa's usurious sentence”, following the Wednesday failure of negotiations between the country and holdouts.

• Friday, August 1st 2014 - 02:43 UTC

  Saying Argentina has defaulted is “an atomic nonsense” underlines Kicillof

  

  Argentina's Economy Minister Axel Kicillof denied point blank that Argentina defaulted on its debt and described such statement as “an atomic nonsense”. The minister gave a press conference in Buenos Aires a day after the failed negotiations with holdouts in New York and claimed ”those who today cheer the apocalypse, applauded the 2001 (crisis).”

• Thursday, July 31st 2014 - 22:19 UTC

  Falklands Chamber of Commerce re-elects Spink; forecast of busy 2015 propped by oil and squid

  

  Falkland Islands economy will keep growing and businesses will be busy next year spurred by the oil industry and better Illex catches, anticipated Falkland Islands Chamber of Commerce, FICOC, Roger Spink who was re-elected as head of the Board of Directors.

• Thursday, July 31st 2014 - 22:10 UTC

  Judge Griesa summons Argentina and holdouts for a Friday hearing

  

  After negotiations between the Argentine government and the speculative funds, led by US Special Master Daniel Pollack failed, New York District Judge Thomas Griesa called for a new hearing between the parties for Friday at 12 pm (Argentina time).

• Thursday, July 31st 2014 - 07:13 UTC

  Fed further tapers bond-buying program but concerned with labor market

  

  The Federal Reserve said on Wednesday that US growth in economic activity rebounded in the second quarter and labor market conditions improved, with the unemployment rate declining further. However, a range of labor market indicators suggests that there remains significant “underutilization of labor resources”.

• Thursday, July 31st 2014 - 07:05 UTC

  Kicillof blames Judge Griesa for the 'no-deal' situation with holdouts

  

  Argentina failed to strike a deal to avert its second default in more than 12 years after talks with holdout creditors and special mediator Daniel Pollack ended without a settlement on Wednesday.

• Thursday, July 31st 2014 - 06:55 UTC

  Argentine private banks discussing bond purchase from holdouts

  

  The meeting between Argentine private bank representatives and the 'holdouts' over the debt held by the hedge funds has been adjourned and will be resumed on Thursday, according to Buenos Aires financial daily Ambito.com.

• Thursday, July 31st 2014 - 01:15 UTC

  “Argentina will imminently be in default: no agreement was reached”, said Pollack

  

  “Unfortunately no agreement was reached and Argentina will imminently be in default”, admitted Daniel A. Pollack, the Special Master appointed by Judge Thomas P. Griesa to conduct and preside over settlement negotiations between Argentina and its holdout bondholders. Pollack emphasized that with default “the ordinary Argentine citizen will be the real and ultimate victim”.

• Wednesday, July 30th 2014 - 08:02 UTC

  Argentine private banks prepared to buy holdouts' credit; Kicillof/Pollack talks to continue today

  

  “Special Master” Daniel Pollack, the mediator appointed by US judge Griesa to resolve the dispute between Argentina and the speculative funds' holdouts said the parts talked “face to face” for the first time and assured a new meeting will be confirmed during the day. If a deal is not reached Wednesday sunset Argentina could again fall into default.