▲ Up
 
18:52 20-07-2017
АКИpress CA-News Tazabek Turmush
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Argentina heads into default as debt talks fail
10:17, 31 July 2014, 498

AKIPRESS.COM - PANews+BT_P-465b410c-fa1b-4e31-970e-9e0a1541fd01_I1 Talks aimed at averting Argentina's second default in 13 years has ended with bitter recriminations as the South American country said it could not accept a deal with US hedge fund creditors it dismisses as "vultures".

Court-appointed mediator Daniel Pollack said the failure triggered an imminent default that, among other things, would hurt the Argentine economy as well as bondholders who were not part of the dispute, the Associated Press reports.

"The full consequences of default are not predictable, but they are certainly not positive," he said.

A US court ruling previously blocked Argentina from making 539 million dollars (£319m) in interest payments due by midnight yesterday to other bondholders who separately agreed to restructuring plans with the country in 2005 and 2010.

Argentine economy minister Axel Kicillof emerged from the New York meeting with creditors and the mediator with an air of defiance, saying his government could find no middle ground.

"We're not going to sign an agreement that jeopardises the future of all Argentines," he said. "Argentines can remain calm because tomorrow will just be another day and the world will keep on spinning."

There was no immediate comment from the hedge funds, which refused to participate in the debt restructurings and won a US court judgment that they be paid the full value of their bonds plus interest - now estimated at about 1.5 billion dollars (£887m).

Mr Kicillof said the funds refused a compromise offer to settle their claim, although he gave no details of that proposal.

He said the funds would also not agree to a stay of the court order to allow Argentina to make the interest payments by last night's deadline and avert economic uncertainty for investors and citizens of the country, which is struggling with recession, a shortage of dollars and one of the world's highest inflation rates.

Mr Kicillof dismissed a decision by ratings agency Standard & Poor's to downgrade Argentina's foreign currency credit rating to "selective default" because of the missed interest payments.

"Who believes in the ratings agencies? Who thinks they are impartial referees of the financial system?" he said.


Full access to all news articles in English

1 month2000 somsubscribe
year20000 somsubscribe
These subscription fees are for private individuals only. Please contact us via phone +996 (312) 900-776 or email info@akipress.org for corporate subscription inquiries
Twitterfacebookprint
LATEST NEWS
18:00 GKNB investigates case of militant plotting self-explosion in Kyrgyzstan17:13 GKNB continues investigation against Facebook user detained for inciting ethnic hatred16:50 Uzbekistan confirms 2018 AFC U-23 Championship ticket16:36 Universities of Uzbekistan refuse to accept documents from girls wearing hijabs and skirts15:34 Ex-corruption fighters in Tajikistan being tried behind closed doors15:15 Justice Minister reveals his monthly wage15:07 Founder of Faiza sells the café14:58 Baku hosts tripartite meeting of Turkmenistan, Azerbaijan, Turkey Foreign Ministers14:03 Skin burning noxious plants invade village in the east of Issyk-Kul13:55 Adilbek Zhaksybekov reappointed Head of Executive Office of Nazarbayev13:33 A district court judge terminates criminal case against policemen that attacked casual passerby13:24 Volume of railroad transportation between Kyrgyzstan and Kazakhstan increased by 14% in 4 months13:13 'Transition to Latin alphabet doesn't unite, but rather sets apart our peoples' — Atambayev at Altai civilization forum12:49 Brazil's former President Lula has assets frozen12:37 Kyrgyzstan loses to Iran in AFC U-23 Championship qualifier12:27 Atambayev receives President of Tatarstan Rustam Minnikhanov12:25 Life in rural Kyrgyzstan: Qadi of Osh called Kyrgyzstani Uzbeks for giving up tradition 'Mazr'12:21 Kyrgyz, Chinese, Tajik and Kazakh scientists to discuss environmental safety issues in Issyk-Kul12:12 Saudi woman arrested for wearing a skirt is released without charge12:04 Doctors recommend Kyrgyzstanis in Euro trip to be careful as measles outbreaks in 14 European countries
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75