The administration of president Mauricio Macri overcame a first hurdle in the Argentine congress to have its debt normalization bill approved, which should help bring to an end years of litigation with the holdout funds and open access to global money markets in normal conditions.
After rough discussions, Argentina's Lower House committees on Tuesday managed to clear the holdouts bill for debate with changes proposed by the allied Renewal Front and criticism from Victory Front lawmakers.The bill will reach the floor next week. If it passes, it will then be up for debate in the Senate, where the situation is similar, with the ruling Let’s Change needing help from opposition lawmakers to ensure the bill passes.
The administration of president Mauricio Macri is optimistic that Congress will lift the Padlock Law (Ley Cerrojo) clearing the way for Argentina’s long-standing dispute against so called speculative funds to be settled, Cabinet Chief Marcos Peña said.
The judge presiding over a long-running battle between Argentina and a group of New York hedge funds said on Friday that he would lift an injunction that had locked Argentina out of international markets, if certain conditions are met.
In the midst of ongoing negotiations in the United States courts between the administration of President Mauricio Macri and holdouts to reach an agreement, special master Daniel A. Pollack on Friday issued a statement reiterating “two major holdouts reached agreements in principle with Argentina to settle their claims.
Argentina announced that all the details of the negotiation with the speculative funds, taking place in New York, will be made public in order to guarantee the transparency of the process. The news from the Finance Ministry dismissed reports that the holdouts were demanding the Argentine government sign a confidentiality agreement before talks can begin.
Argentina's new finance minister said on Wednesday it was imperative to resolve the country's legal dispute with U.S. creditors over unpaid debt because financing of the country's fiscal deficit this year may depend on progress on the issue.
A challenging financial week takes off for Argentina's new administration of president Mauricio Macri: on the one hand Argentine farmers have to keep their part of the deal by providing the central bank with 400 million dollars a week, and on the other the long-awaited debt talks are expected to resume in New York next Wednesday with United States hedge funds suing Argentina over defaulted sovereign bonds.
One of the wealthiest and most influential Republican donors — who also happens to be in the midst of a legal battle with Argentina over defaulted-debt — is throwing his support behind the presidential campaign of US Republican Senator Marco Rubio of Florida, according to a New York Times report.
Argentina on Monday won a battle in its ongoing struggle with hedge funds holding sovereign bonds. In this case Argentina managed the reversal of a U.S. judge's ruling that a group of bondholders suing over its defaulted debt said entitled them to $700 million.