There is a 30-day grace period before another default can be declared should it choose to decline to pay the holdouts $1.33 billion plus accrued interest. District Court Judge Thomas Griesa has ordered Argentina to pay all holders of its defaulted bonds, both those who have accepted a restructuring and those who haven’t. “I have given instructions to our economy ministry for our lawyers to ask the judge to generate the conditions to be able to reach an accord that is beneficial and egalitarian for 100 percent of creditors,” Fernandez said.Īrgentina is due to make a coupon payment on its restructured debt June 30. President Christina Fernandez said Friday her government is ready to sit down with all of its creditors and be “part of a just negotiation.” That moment may arrive as soon as next week, when Argentina may send a team of government officials to New York to meet with holdout bondholders. “The Argentines, this team, is basically totally disconnected with reality,” Loser told a New York investor forum organised by EMTA, the trade association for emerging markets on Thursday. “At the moment of truth they (Argentina) will understand that they will have to negotiate,” said Claudio Loser, an Argentine who worked for decades at the International Monetary Fund and now is president of advisory firm Centennial Group, Latin America in Washington.
REUTERS/Enrique Marcarianįaced with dwindling foreign exchange reserves, a looming recession, a $6 billion principal and interest payment on another bond that matures next year, the nation can’t risk closing the door on access to international capital markets to solve a coming cash crunch and a potentially even bigger default. Pedestrians stand next to posters that read "Enough vultures, Argentina united for a national cause" in Buenos Aires June 18, 2014.
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