Wednesday, 23 July 2014
Last updated 1 hour ago
Jun 20 2013 | 11:23am ET
The battle between Argentina and its hedge-fund creditors has taken yet another nasty turn.
Argentina is furious over a recent media campaign in the U.S.—reportedly paid for by Elliott Associates affiliate NML Capital—criticizing the country's relationship with Iran. At issue is the January memorandum of understanding between the two countries to investigate the 1994 bombing of a Jewish center in Buenos Aires, which Argentina has blamed on the Iranian government.
Argentina has had six Iranians placed on Interpol's international arrest list and has sought the arrest of a former Iranian president. The standoff has strained ties between the two countries, who maintain diplomatic relations with each other.
The media campaign funded by NML is "unscrupulous" and "libelous," President Cristina Fernandez de Kirchner said, and blasted the hedge fund for using a tragedy that cost 85 lives to "blackmail" the country.
Elliott is battling Argentina in U.S. courts to attempt to force the country to pay the Argentine bonds it holds in full. Argentina defaulted on the bonds in 2001, and most bondholders accepted exchanges with big losses in 2005 and 2010.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…