- Title: USA: Argentine government delegates arrive for debt mediation in New York
- Date: 24th July 2014
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (JULY 24, 2014) (REUTERS) 245 PARK AVENUE, OFFICE OF MEDIATOR DANIEL POLLACK PEOPLE STANDING OUTSIDE BUILDING SUV ARRIVES AND STOPS CAR DOOR OPENED AND PABLO LOPEZ, ARGENTINA'S FINANCE SECRETARY STEPS OUT LOPEZ WALKS TOWARDS BUILDING ANGELINA ABBONA, LAWYER FOR ARGENTINA'S TREASURY, STEPS OUT OF CAR FEDERICO THEA, LEGAL AND TECHNICAL SECRETARY AT ARGENTINA'S ECONOMY MINISTRY, STEPS OUT OF CAR, FOLLOWED BY AN UNIDENTIFIED FEMALE MEMBER OF THE DELEGATION REPRESENTATIVES ENTER BUILDING VARIOUS OF PEOPLE OUTSIDE BUILDING (2 SHOTS)
- Embargoed: 8th August 2014 13:00
- Keywords:
- Location: Usa
- Country: USA
- Topics: General,Economy,Politics
- Reuters ID: LVA131YZKNIG9KW4O3G0I91WS1OL
- Story Text: Representatives of Argentina's Economy and Finance Ministry arrived for debt talks at the New York offices of court-appointed mediator, Daniel Pollack on Thursday (July 24).
Finance Secretary, Pablo Lopez, had no comment when asked whether he'd had a face-to-face conversation with any of the "holdout" investors.
The treasury's top lawyer, Angelina Abbona was also present, followed by the legal and technical secretary in the Economy Ministry, Federico Thea.
Argentina, which defaulted on about $100 billion (USD) in 2002, has been pushed to the brink of a fresh default by U.S. court decisions that it pay the $1.33 billion face value of the bonds plus interest to bondholders who did not participate in debt swaps in 2005 and 2010.
Bondholders who agreed to the restructuring terms received large writedowns.
President Cristina Fernandez's unflinching stance in the battle against "holdout" investors suing the country may increase the odds that her government will default.
The possibility of a default came after Argentina last month made what the ministry said was a $1.15 billion payment for its restructured bondholders. That money included $539 million deposited with indentured trustee Bank of New York Mellon Corp.
The latest round of debt talks was pushed back by a day on Wednesday (July 23), mediator Daniel Pollack said, as the clock ticked down toward a July 30 deadline for a deal.
New York lawyer Pollack said the Argentine delegation "could not get here in time" after U.S. District Judge Thomas Griesa on Tuesday ordered both sides meet "continuously" until they reached an agreement Argentina, Latin America's No. 3 economy, argues paying the holdouts would break a legal clause protecting creditors who accepted large writedowns after its 2002 default and open it up to claims worth as much as $15 billion.
Griesa's injunction which blocks payment has stopped Argentina from transferring a June 30 coupon payment to exchange bondholders. That triggered a 30-day grace period thaton July 30. Griesa has told both sides to continue negotiating. - Copyright Holder: REUTERS
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