Debt Coverage:
Financial Times: “Argentina unmoved on debt ‘holdouts’ payment
Buenos Aires Herald: “Boudou lashes out at vulture funds, austerity measures”
Business Insider: “Today We’ll Find Out Just How Far Argentina is Willing to Go to Defy Hedge Fund Managers”
Business Insider: “How a Committee of Financiers Decides When a Country Is In Default”
New York Post: “BoNY wants out of Elliott’s battle with Argentina”
Financial Times
Sunday, November 18, 2012
By Jude Webber
The Argentine government has vowed only to pay creditors who restructured their debt and has ruled out a new default as it does legal battle with holders of defaulted debt seeking full repayment.
The prospect of default sent a chill through debt markets after a US appeals court on October 26 upheld a New York court ruling that Argentina could not pay the holders of its defaulted debt it restructured in 2005 and 2010 without also paying the “holdouts”. These are led by NML Capital and have been suing since Argentina halted payment on nearly $100bn in 2001.
Buenos Aires Herald
Saturday, November 17, 2012
Vice-president Amado Boudou accused vulture funds of "despicable behaviour" and warned that insisting on austerity measures carries out a high risk for Europe and for the global economy.
Boudou made this comments as he represents President Cristina Fernández de Kirchner in the Ibero-American Summit which is taking place in Cádiz, Spain. “The economic crisis affecting the World show us a scenario in which formulas from the past aren’t no Langer used-“
“Our experience taught us that austerity measures go against economic recovery and the risk of insisting with those policies is too high,” Boudou was quoted as saying.
Business Insider
Friday, November 16, 2012
By Linette Lopez
Today, Argentina is supposed to sign an affidavit confirming that it will abide by the ruling of New York Judge Thomas Griese and pay hedge fund manager Paul Singer and other investors that bought the country's sovereign debt in 2001.
So far, the response from the country has been something to the effect of... "over my dead body."
Business Insider
Friday, November 16, 2012
By Linnette Lopez
If Argentina doesn't pay the bondholders that are suing the country for sovereign debt dating back to 2001, it could go into default.
But someone has to officially determine that the country is in default, triggering credit default swaps.
In the global financial community, that decision is the responsibility of the Credit Derivatives Determination Committee, a board that was formed in 2009.
The New York Post
Friday, November 16, 2012
By Michelle Celarier
Leave us out of it!
Caught in a legal crossfire, Bank of New York Mellon is arguing that it should not be forced to help Paul Singer’s Elliott Management collect as much as $1.3 billion from Argentina.
An appeals court recently upheld a ruling requiring Argentina to pay the New York hedge fund each time it pays other bondholders, which, unlike Elliott, agreed to a debt restructuring several years ago.
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