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Argentina Fell into Arrears and May Be in Default Soon

Argentina is taking one month more to negotiate with the "vulture funds"

4 de julio de 2014 14:22 hs
El Observador | Redacción

Por  Redacción

Presidenta Argentina brindando conferencia en París
Presidenta Argentina brindando conferencia en París

At 9.oo pm, East coast time of the United States, 10.00 pm Argentina, right afterthe New York commercial bank opened its doors, Argentina had formally fell in arrears with the holders of restructured bones in the exchanges between 2005 and 2010, said La Nación just a few minutes ago.

Argentina had to pay US$ 539 million last Monday, but on Friday, Judge Thomas Griesa seized the money deposited in New York Bank to pay the bondholders who had not entered into the exchanges and the Kirchner government calls "vulture funds".
The expiration does not imply entering into a period of default, because in spite of the fact that the payment day is on June 30th, there is an additional time extension until July 30th.

The Chief of Staff, Jorge Capitanich, denied the rumors saying Argentina was in "technical default" and said it was an "euphemism "since the country "consistently pays its obligations" and considered that Judge Thomas Griesa produced an “unprecedented event in the history of humanity” when he prevented bondholders from collecting the due payment of debt.

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"This is the first time a judge expects to amend a contract, prospectus, a contractual relation in order to prevent a payment to a group of bondholders. This case has no precedents," said Capitanich.
On the other hand, in declarations from the Government published by El Cronista, the clerk said the bonds issued under Argentinean laws are to be paid by Citibank.

Regarding the last hearing of this case presided by Griesa, Capitanich said the judge "did not order contempt of court upon default".
He also stressed that the judge "transmitted that the special master Daniel Pollack should establish the negotiation conditions" between Argentina and "Vulture funds" for the default debt.


Lea la versión en español aquí.

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