Debt Coverage:
MercoPress: “Argentina prepared to offer suing ‘vulture funds’ a 25-year bond, says Ambito”
Reuters: “Argentina to offer holdouts mix of Par, Discount bonds: report”
Financial Times: “Argentina: crunch time approaching”
Financial Times: “It is Argentina that jeopardises global finance”
Financial Times: “Argentina ponders offer in debt drama”
Argentine Economy:
The Wall Street Journal: “Argentina's Bonds Steady, Stocks Fall in Last Session of Quarter”
Pope Francis:
The Guardian: “Cristina Fernández de Kirchner turns Pope Francis from foe to friend”
Clarin: “Pope Francis’ present to President Cristina Kirchner warns against corruption and the political reasons for “new kinds of poverty””
Falklands:
MercoPress: “Falklands’ sovereignty belongs to the ‘whole of Latinamerica’ says Uruguay”
CNN: “Falklands lawmakers: 'We have no desire to be governed by Argentina'”
MercoPress
Thursday, March 28, 2013
The country faces a Friday deadline to respond to a US appeals court order that it provide an alternative payment formula to resolve litigation with creditors seeking to be paid 1.33 billion in capital and interest on defaulted bonds.
The government of President Cristina Fernandez which calls hedge funds ‘vulture funds’, has said it cannot offer the holdouts more than what was received by bondholders, who entered debt swaps in 2005 and 2010, must submit a formula and a timetable for carrying it out this week.
Reuters
Wednesday, March 27, 2013
(Reuters) - Argentina, battling to avert a fresh debt crisis, plans to offer suing "holdout" creditors a 25-year bond equal to the face value of their debt when the country defaulted in 2002, local financial daily Ambito Financiero reported on Wednesday.
The country faces a Friday deadline to respond to a U.S. appeals court order that it provide an alternative payment formula to resolve litigation with creditors seeking to be paid $1.33 billion in capital and interest on defaulted bonds.
Financial Times
Wednesday, March 27, 2013
By Jude Webber
Calling all pari passu anoraks.
Vladimir Werning over at JP Morgan has done some helpful maths and analysis to weigh up what Argentina needs to offer holdouts in its March 29 submission to the Second Circuit Court of Appeals as the climax of its “equal treatment” court saga nears.
Are we sitting comfortably? Let’s take a quick look at his arguments (see his full paper here).
First a recap: the circle Argentina must try to square is how to craft an offer that i) will persuade the court it is not dishing out inferior treatment to the holders of debt unpaid since its $100bn default in 2001, led by Elliott, a fund; ii) is fair to the holders of more than 92 per cent of debt issued in restructurings in 2005 and 2010; and iii) doesn’t look like a political defeat for Cristina Fernández, the president.
Financial Times
Wednesday, March 27, 2013
By Mark D. Brodsky
Sir, I am responding to David Martinez’s article “US judges are jeopardising global finance” (Comment, March 8). Mr Martinez’s firm and mine are litigants in the Argentina case.
First, Mr Martinez claims that Judge Thomas Griesa’s decision will prevent sovereign restructurings. All empirical evidence is to the contrary. For example, after the decision was issued, Greece conducted a restructuring far larger than Argentina’s, and Belize completed a consensual restructuring of all its New-York-law bonds.
Financial Times
Wednesday, March 27, 2013
By Jude Webber and Robin Wiggelsworth
Argentina is hoping an offer it must make to a US appeals court by Good Friday spelling out exactly what it is prepared to pay its “holdout” creditors will be enough to avoid crucifixion in its high-stakes sovereign debt drama.
The saga – which centres on interpretation of two little words in Latin: pari passu , or equal treatment – has gripped the international financial industry for months. It has pushed Argentina almost to the brink of a new default and raised fears that the case could set a precedent making sovereign restructurings harder in future.
The Wall Street Journal
Wednesday, March 27, 2013
By Ken Parks
BUENOS AIRES--Argentina's benchmark bonds were steady and stocks fell in the last trading session of the week on Wednesday, ahead of a potentially decisive new phase in the country's 11-year battle with creditors.
Argentina's financial markets aren't scheduled to reopen until April 3 in observance of the Easter holiday and Veterans Day.
A federal appeals court in New York has given Argentina until March 29 to submit a plan to pay investors who have won court awards for about $1.33 billion. Argentine officials have signaled they won't offer better terms than those in 2010 debt exchanges that saw creditors swap defaulted bonds for new debt at a steep discount.
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