While investors cheered progress on last week's arduous negotiations in New York between Argentine government officials and litigant investors, the administration of president Mauricio Macri still faces an uphill battle as it works to bring other holdouts on board.
Argentina expressed satisfaction with the Brussels Declaration at the end of the two-day European Union/Celac summit because it included strong backing to the country's efforts to change international rules regulating restructuring of sovereign debt and also there was a mention to territorial integrity, a tangent statement referred to the ongoing dispute over Falkland Islands sovereignty.
Argentina has launched a stinging attack on hedge funds attempting to block payment on last month's Bonar 24 debt issuance, stating that the petition shows the 'vulture funds' desperation following the successful auction.
U.S. judge on Wednesday ruled that hedge funds suing over unpaid debt stemming from Argentina's 2002 default are entitled to details of a recent bond offering by Buenos Aires.
A release from the Argentine Economy Ministry considered US Judge Thomas Griesa's ruling issued on Thursday a shameful excess of jurisdiction. Judge Griesa blocked Citigroup Inc from processing interest payments by Argentina on some bonds issued under the country's law.
New York District judge Thomas Griesa has authorized Citibank to complete the transfer of 85 million dollars to holders of restructured Argentine bonds under Argentine law, meeting debt services that expire on December 31.
A London court gave Argentine holdout creditors in New York a two-week window on Thursday to challenge declarations sought by a powerful group of investors in a dispute over interest payments worth about 226 million Euros. The payments involve Euro-denominated Argentine bonds which were issued under English law.
The International Monetary Fund on Monday urged changes in sovereign bond contracts as Argentina remained mired in a US court battle with holdouts or vulture funds years after its massive debt restructuring.
Argentina's Economy minister Axel Kicillof lashed out at US Judge Thomas Griesa after he authorized Citibank a one-off payment of Argentine bonds' coupon next Tuesday saying he once again failed to address the heart of the issue and also in fact recognized that bonds under Argentine law do not belong to his jurisdiction.