A group of Argentina’s creditors have offered to waive their RUFO (rights upon future offers) clause in their bond contracts, which could possibly help the country reach a deal with holdouts before it defaults on Wednesday

New developments in the Argentina, holdout deal

Jul 29 2014, 02:04 ET

• A group of Argentina’s creditors have offered to waive their RUFO (rights upon future offers) clause in their bond contracts, which could possibly help the country reach a deal with holdouts before it defaults on Wednesday.
• The RUFO clause is considered to be the main obstacle preventing Argentina from reaching a settlement with the holdouts, since it prevents the country from paying them more than exchange bondholders. If holdouts are to be paid, it could trigger additional bondholder demands amounting to $120B and $500B.
• Court-appointed mediator Daniel Pollack announced that there are not any face-to-face negotiations plans for today - greatly raising the country's probability of default for tomorrow.
• ETFs: ARGT