Monday, 30 March 2015
Last updated 2 days ago
Jul 28 2014 | 12:24pm ET
Argentina will make a final stab at avoiding a default on Wednesday with a last-ditch meeting with a court-appointed mediator tomorrow.
The country has until July 30 to pay hedge-fund holdouts from its last default years ago or to win a stay of the court-order requiring that payment. Its negotiators left New York on Friday without a deal, rather than negotiating “continuously” over the weekend and today, as U.S. District Judge Thomas Griesa, who is presiding over the case, has urged.
Aregentina’s representatives “left New York City on Friday evening to consult with their government in Buenos Aires,” the mediator, Daniel Pollack, said.
Griesa’s rulings bar Argentina from paying its restructured debt without also paying the holdouts—led by Elliott Management and Aurelius Capital Management—$1.5 billion. Argentina has said that doing so will open it up to more than $100 billion in claims from holders of that exchanged debt, who accepted roughly 30 cents on the dollar.
Argentina has refused to meet with the hedge funds face-to-face, and have said that a stay is necessary to negotiate a global settlement including all creditors. Griesa has twice this month rejected the country’s request for more time. Today, Cabinet Chief Jorge Capitanich insisted once again that “all negotiations related to an extremely complex issue like this one takes time.”
Elliott and Aurelius have shot back that Argentina has wasted years without talking to them and has shown no sign that it is interested in doing so. The two have said that a deal could be reached quickly if Argentina engaged in face-to-face negotiations.
The delegation to tomorrow’s meeting will include Finance Secretary Pablo Lopez, Capitanich said.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…