United States

Wednesday, August 6th 2014 - 08:02 UTC
Argentina will demand Citibank and BONY to pay exchange bondholders

The Argentine Government will formally demand that Citibank and the Bank of New York Mellon pay exchange bondholders, the Economy Ministry informed on Tuesday in a press release.
Tuesday, August 5th 2014 - 07:14 UTC
Argentina planning to question Judge Griesa before the International Court of Justice

Argentina's Legal and Technical Secretary to the Presidency Carlos Zannini is overseeing a group of experts in international law as they draft the suit the government of President Cristina Fernandez will file against US Judge Thomas Griesa’s ruling on full repayment to holdout bondholders at International Court of Justice in the Hague, according to Noticias Argentinas-
Tuesday, August 5th 2014 - 06:54 UTC
Griesa praises Pollack's 'great skill” and reveals he directed the use of 'default'

U.S. District Judge Thomas Griesa on Monday turned back an effort by Argentina's government to remove the court-appointed mediator in the dispute with creditors that triggered a 'selective default' situation by the country last week. He also revealed that the default condition was at his direction and was 'accurate'.
Monday, August 4th 2014 - 07:34 UTC
Debt ruling shows a callous disregard to the effects on Argentina

By Eileen Appelbaum (The New York Times) - There is no way to construe as fair the United States court ruling that Argentina cannot pay 93% of its creditors, unless it first pays a small group of hedge funds. It's not fair to the 93% of bondholders who negotiated a restructuring of Argentina’s debt in 2005 and 2010 with reduced payments.
Sunday, August 3rd 2014 - 13:22 UTC
“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.
Saturday, August 2nd 2014 - 09:18 UTC
“Debt restructuring” and the Argentine case by Joseph Stiglitz

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.
Saturday, August 2nd 2014 - 09:08 UTC
IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.
Saturday, August 2nd 2014 - 08:58 UTC
Argentina suggests Griesa and Pollack are actively helping holdouts by declaring a 'default'

The Argentine Economy Ministry claimed on Friday New York judge Thomas Griesa has benefited “vulture funds” during negotiations over Argentina's defaulted debt with holdouts and asked the (Argentine) National Values Commission (CNV) to start an investigation over alleged “speculative moves”.
Saturday, August 2nd 2014 - 08:32 UTC
US economy creates 209.000 jobs in July but unemployment edges up to 6.2%

The U.S. economy added 209,000 jobs in July, the Labor Department reported on Friday. However the unemployment rate edged up to 6.2% from 6.1%, somehow confirming the Federal Reserve concern about still weak employment.
Saturday, August 2nd 2014 - 04:08 UTC
Griesa orders Argentina/holdouts to resume negotiations and an end to 'misleading information'

US District Judge Thomas Griesa presiding over Argentina's bitter dispute with two hedge funds left the country stranded in default on Friday, ordering it to hold new negotiations and calling for an end to “mistrust”. In a stern tone Griesa slammed the decision by Argentina to defy his order that it pay in full holdout investors and instead opted to default on 29 billion dollars in debt.