Argentina To Continue Mediator Talks Friday, Cites ‘Important Advance’

Jul 9 2014 | 6:21am ET

Argentina will continue its talks with a court-appointed mediator this week as it seeks to avoid its second default in 13 years.

The country’s economy minister, Axel Kicillof, met with Daniel Pollack for four hours in New York on Monday. At the meeting, which did not include the hedge-fund holdouts from Argentina’s debt restructuring, he pressed for more time, demanding that U.S. District Judge Thomas Griesa, who appointed Pollack and who has ruled that Argentina must pay the holdouts in order to continue paying its performing debt, suspend his order while the country negotiates with the hedge funds.

Kicillof called the talks “an important advance,” and will return to New York on Friday to continue his talks with Pollack. It is unclear whether the holdouts, led by Elliott Management and Aurelius Capital Management, will be invited this time.

“It was agreed to continue the meeting on Friday,” Argentine Cabinet Chief Jorge Capitanich said. “It has been an intense dialogue.”

Argentina missed a $539 million debt payment last on June 30, beginning a 30-day grace period before it formally defaults.

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