- Title: USA: One day before default deadline, mediator holds debt talks in New York
- Date: 29th July 2014
- Summary: NEW YORK, NEW YORK, UNITED STATES (JULY 29, 2014) (REUTERS) COURT APPOINTED MEDIATOR DANIEL POLLACK WALKING, SAYING, "We'll know today". CARMINE BOCCUZZI, ATTORNEY FOR ARGENTINA, ARRIVING VEHICLE WITH LAWYER FOR ARGENTINA'S TREASURY ANGELINA ABBONA IN FRONT, DEPUTY ATTORNEY GENERAL FOR ARGENTINA JAVIER PARGAMENT IN BACK GETTING OUT - ARGENTINA'S FINANCE SECRETARY PABLO LOPEZ GETTING OUT OF BACK OF VEHICLE AND WALKING INTO BUILDING FOLLOWED BY ABBONA EXTERIOR OF BUILDING
- Embargoed: 13th August 2014 13:00
- Keywords:
- Location: Usa
- Country: USA
- Topics: International Relations,Finance
- Reuters ID: LVABW74JWRGYRGGP31KQ14EHSD0H
- Story Text: Argentina on Tuesday (July 29) met the U.S. mediator in its battle with 'holdout' debt investors suing the country for last-minute talks to avert a second default this century, but hopes for a deal are fading fast.
Mediator Daniel Pollack met with a delegation of technical, financial and legal representatives in his office in New York.
However, Argentine government sources said Economy Minister Axel Kicillof, the country's chief dealmaker who has brokered deals with foreign creditors and investors this year, is said to be in Caracas, attending a meeting of the South American trade bloc Mercosur.
"We'll know today," said Pollack as he entered the building.
Argentina's isolation from global capital markets means an eventual default would be highly unlikely to send shockwaves through emerging markets worldwide. But it will hurt a domestic economy already in recession and battling soaring inflation.
Negotiations have made scant progress in the past three weeks. If the deadlock persists, U.S. District Judge Thomas Griesa will prevent Argentina from making a July 30 deadline for a coupon payment on exchanged bonds, triggering a new default.
Argentina argues it cannot cut a deal now that risks breaking a clause barring the country from offering better terms to investors than those in the bond swaps that were accepted by 92.4 percent of its creditors in 2005 and 2010. - Copyright Holder: REUTERS
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