Article

2014-08-02 Caribbean-Latin America

Argentina economy not in default: Minister

[Iran Press TV] Argentina's Economy Minister Axel Kicillof says his country is not in default amid an ongoing debt row with US hedge funds.

Ratings agency Fitch declared Argentina in "restrictive default" on Thursday after Buenos Aires failed to clinch a deal with representatives from the funds.

Kicillof, however, said his country has not defaulted and that the Argentinean government is open to agreements between private parties.

"Those that want to talk about default do it without knowing about the issues. They should come with the contract and explain how it can be that we are in a default. This doesn't have a name, but if it did it wouldn't be default," he told a news conference on Thursday.
Argentina has so far refused to pay USD 1.3 billion to the debt investors as required under a recent US court ruling.

US District Court Judge Thomas Griesa had ordered Argentina to pay its debt "all together, without quotas, right away, now, in cash, ahead of all the rest" of bondholders.

Based on the verdict, Argentina has to make payments to both holdout bond investors and the holders of its restructured debt at the same time, which the South American country says cannot afford despite willingness to pay its debt.

Posted by Fred 2014-08-02 00:00|| || Front Page|| [8 views ] Top

#1 "It's merely resting."

Posted by ed in texas 2014-08-02 08:17|| 2014-08-02 08:17|| Front Page Top

#2 Pining for the fjords.

Posted by Procopius2k 2014-08-02 09:09|| 2014-08-02 09:09|| Front Page Top

#3 So I guess that means it's OK to buy bonds from Argentina now.

Posted by gorb 2014-08-02 10:07|| 2014-08-02 10:07|| Front Page Top

#4 "Once we nationalize then sell off foreign vulture ~~booty~~ industries , we'll be right as rain. 'Invest In Argentina' is our new motto!"

Posted by Frank G 2014-08-02 12:43|| 2014-08-02 12:43|| Front Page Top

#5 Britain might want to reinforce the Falklands while they have some time. If they have anything left...

Posted by tu3031 2014-08-02 12:46|| 2014-08-02 12:46|| Front Page Top

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