Argentina Unlikely to Return to More Negotiations with Vulture Funds

Argentina Unlikely to Return to More Negotiations with Vulture Funds
Fecha de publicación: 
28 August 2014
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The Latin American nation said that the country needed to strike a deal with all bondholders which have rejected past restructuring agreements as a single group.

Argentina's government on Wednesday ruled out returning to the negotiating table with the holdout vulture funds that they have been battling with for the past months.

In an appearance before a plenary session of Senate committees, the Minister of Economy Axel Kicillof said Argentina must start negotiations with all their creditors together, not just the holdouts.

"We have to negotiate with everyone," said Kicillof and any deal is unlikely now before the October presidential election, in which current President Cristina Fernandez cannot run.

The holdout funds NML and Aurelius obtained a favorable judgment in the U.S. supreme court, forcing Argentina to pay them the money.

These vulture funds represent a small portion of the debt that the country restructured in 2005 and 2010, but these groups refused to be a part of.

The comments came as part of the debate in Argentine Congress over a bill to allow them to pay the restructured debt locally after U.S. Judge Griesa blocked the payments in intermediary Bank of New York Mellon.

"The main aim of the draft bill is to show that Argentina can pay its debt and wants to pay its debt," senior government official Carlos Zannini told the same hearing.

"The idea is to bring everything to Argentina jurisdiction," he said.

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