Debt Coverage:
Washington Post: “Argentina to appeal NY debt ruling, invokes calamitous consequences for nations in crisis”
This AP article quotes Arturo Porzecanski and also appeared in the: San Francisco Chronicle, Huffington Post, The Seattle Times, Boston.com, Fox News and ABC News among others.
Financial Times: “Debt—Argentina’s long-festering wound”
Reuters: “Argentina U.S. appeals court to delay payment to creditors”
The New York Post: “Argentina: Let’s talk about it”
Financial Times: “Argentina: when is default not default?”
DealB%k: “In Court Battle, a Game of Brinkmanship With Argentina”
Bloomberg: “Argentine Bonds Rally as Government May Debate Holdout Payments”
MercoPress: “Argentina prepared to reopen bonds’ swap under certain conditions”
Reuters: “Argentina appeals U.S. court order to pay holdout bond investors”
Reuters: “Argentina debt fight is magnet for top U.S. lawyers”
Financial Times: “Gramercy looks to bet against EM debt”
Buenos Aires Herald: “CFK calls Unasur for support against ‘vulture funds’”
MoneyWeek: “Why I’m happy for Argentina to default”
Council on Foreign Relations: “Latin America and the Global Economy” (CLAUDIO LOSER)
Argentine Economy:
Buenos Aires Herald: “BA stocks edge up”
Bloomberg: “Argentina Rating Downgraded by Fitch on ‘Probable’ Default”
Global Relations:
The Wall Street Journal: “Bulgaria, Argentina Discuss Promotion of Bilateral Trade”
MercoPress: “Peruvian president tells Argentine congress of its solidarity with the Malvinas issue”
Seeking Alpha: “Noble: Bullish on Falkland Islands”
Press Freedom:
The Wall Street Journal: “Grupo Clarin split an option in face of Argentina’s Media Law-Afsca”
Cristina Kirchner:
Buenos Aires Herald: “Re: re-election”
The Washington Post
Monday, November 26, 2012
By Michael Warren
BUENOS AIRES, Argentina — Argentina is refusing to budge in its billion-dollar debt showdown in New York federal court, preparing an appeal Monday that it hopes will stave off another devastating default.
Judge Thomas Griesa left Argentina without any wiggle room, ordering the government of President Cristina Fernandez to pay $1.3 billion into an escrow account for the so-called “vulture funds” by Dec. 15, even as it pursues its final appeals.
Financial Times
Wednesday, November 28, 2012
By Jude Webber
Argentina has struggled to manage its money throughout its two centuries as an independent nation – and was once so hard-up it tried to swap the Falkland Islands for its debt.
It received its first loan, from Britain, in 1824 but had defaulted by 1890. In 1949 it declared itself debt-free and was even a creditor to Italy, Finland, Belgium and Romania, which had been devastated by war. But by 2001 it had racked up the world’s biggest sovereign default by halting payment on nearly $100bn of foreign debt.
Reuters
Tuesday, November 27, 2012
By Nate Raymond
(Reuters) - Facing fears of another default, Argentina on Tuesday urged a U.S. appeals court to suspend an order requiring it to pay $1.3 billion to bondholders who rejected two debt restructurings stemming from the country's 2002 financial crisis.
The emergency motion to the 2nd U.S. Circuit Court of Appeals seeks to halt the effects of an order made by U.S. District Judge Thomas Griesa in New York last week, requiring Argentina to deposit the money in escrow by December 15.
New York Post
Tuesday, November 27, 2012
By Michelle Celarier
It looks like Argentina has blinked.
The South American country, which has been locked in a legal standoff with Paul Singer’s Elliott Management, appears willing to negotiate with the hedge fund instead of defaulting on some $24 billion in bonds.
Manhattan federal judge Thomas Grisea has ordered Argentina to put $1.3 billion in escrow by Dec. 15 to pay Elliott and other “holdout” bondholders who refused to participate in two previous debt restructurings.
Financial Times
Tuesday, November 27, 2012
By Jude Webber
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://blogs.ft.com/beyond-brics/2012/11/27/argentina-when-is-a-default-not-a-default/#ixzz2DWqFAd6T
Argentina’s holdout saga is turning, in many market participants’ eyes, into a question of when, not whether, the country sinks into a technical default.
So if emergency appeals by Argentina and the holders of restructured debt fall on deaf ears in the Second Circuit Court of Appeals and New York Judge Thomas Griesa’s November 21 ruling stands, (in which he ordered Argentina to pay its “holdouts” $1.3bn by December 15, the day it must make payment to restructured debt holders), the question is, what happens next?
The focus of attention turns to credit default swaps – the cost of insuring against default – and whether they would be triggered by what the market euphemistically terms a “credit event”.
DealB%K
Tuesday, November 27, 2012
By Steven M. Davidoff
Foreclose on a country?
It sounds far-fetched, but a United States court is saying that Argentina must set aside $1.33 billion for some American hedge funds and others. That decision is threatening to throw the South American country and the entire sovereign debt market into turmoil.
This game of chicken is a lesson on the hazards of United States courts’ interfering in international affairs.
Bloomberg
Tuesday, November 27, 2012
By Camila Russo
Argentine bonds rose the most in a week after the government said it is willing to consider paying holders of defaulted debt under the same terms it gave investors that accepted the 2010 restructuring.
The extra yield investors demand to own Argentine government dollar bonds over U.S. Treasuries fell 67 basis points, or 0.67 percentage point, to 1,281 basis points at 11:25 a.m. New York time. The spread is dropping the most in emerging markets, according to JPMorgan Chase & Co.
MercoPress
Tuesday, November 27, 2012
Lorenzino said that he does not rule out a possible third debt exchange for those who did not enter the 2005 and 2010 swaps “if required by the Justice of the United States, but only if it contemplates an offer similar to that of 2010 and if the Argentine Congress passed a law approving it”.
The Argentine congress voted a law which clamped any possibility of further negotiations with those bond holders who did not accept any of the swaps.
Reuters
Tuesday, November 27, 2012
By Helen Popper and Daniel Bases
(Reuters) - Argentina on Monday appealed a U.S. court order to pay $1.3 billion to investors who rejected two debt restructurings tied to its 2002 sovereign debt crisis, amid fears that the country faces another default.
U.S. District Judge Thomas Griesa last week ordered Argentina to deposit the money before December 15 to pay the "holdout" creditors, a move that could jeopardize payments to bondholders who participated in the 2005 and 2010 debt swaps.
Reuters
Tuesday, November 27, 2012
By Andrew Longstreth
(Reuters) - The fight coming to a head in U.S. courts over Argentine government debt has attracted some of the biggest names in the U.S. legal business.
The latest big gun to enter the fray is celebrated attorney David Boies, whose appearance is the latest sign of escalating stakes in the case. Boies, a partner at Boies, Schiller & Flexner, represents holders of Argentine bonds who agreed to two rounds of restructurings in which Argentina issued new debt at a steep discount.
Financial Times
Tuesday, November 27, 2012
By Pan Kwan Yuk
Gramercy, the $3.2bn emerging markets hedge fund, has joined a growing chorus of critics who think the current emerging markets debt boom could soon turn to bust.
And it is putting its money where its mouth is – with the launch of a distressed debt fund that has already attracted $200m in commitments.
In a letter to investors, a copy of which was obtained by beyondbrics, Gramercy said it believes the day of reckoning could soon come for a swathe of EM high yield issuers:
Buenos Aires Herald
Tuesday, November 27, 2012
President Cristina Fernández de Kirchner said today that she would make a plea for members of the Unasur to come together in the fight against ‘vulture funds’ in the region next week, during Peruvian President Ollanta Humala’s visit at the Government House.
The Argentine president referred to next week’s Union of South American Nations (Unasur) meeting in Peru, where she is to push for member countries to unite over the issue.
Money Week
Monday, November 26, 2012
By James McKeigue
As you read this, Argentina is taking desperate measures to avoid default. Government lawyers have launched an appeal with US courts in what could prove to be one of the final acts of its bitter ten-year battle against the ‘vulture funds’. They’re attempting to overturn last week’s ruling from US District Court Judge Thomas Griesa, which found that Argentina should pay $1.3bn of outstanding bonds.
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