Monday, July 14, 2014
'Vulture fund' asks Argentina to start immediate negotiations
Aurelius Capital Management, the hedge fund that is one of the principal holdout investors of Argentine debt, signalled today that the nation's government faces a new crisis on June 30 if they do not enter into negotiations with the so-called 'Vulture Funds'.
On Friday, Argentine representatives and members of the holdouts, who refused to enter restructuring efforts in 2005 and 2010 on debt defaulted on in 2001, met separately with court mediator Daniel Pollack in New York.
The two sides, however left the offices of the lawyer appointed by judge Thomas Griesa after five hours of talks without a single resolution or plans for new discussions made.
"If there is no agreement, the next sovereign debt crisis for Argentina will begin July 30. There is still time to avoid that result, but only if the Argentine government starts serious negotiations with us immediately," a statement from Aurelius explained today.
The hedge fund added that it and other holdouts offered to meet with the government in any place, at any time, but that the proposal was rejected.
"The Argentine officials refuse to meet with us or even to negotiate with us indirectly. Unfortunately, this focus plays with the means and future of the Argentine people."
The statement also criticised the Argentine request for Griesa to reinstate the 'stay', an injunction which would allow the nation to pay bondholders who did enter the debt swaps and hence meet the July 30 deadline for payment.
"On Friday, the Argentine Economic Ministry emitted a further declaration asking for the pari passu order to be suspended. This is strange, because the District Court [of New York] rejected that suspension last month," Aurelius claim.
On Friday, Argentine representatives and members of the holdouts, who refused to enter restructuring efforts in 2005 and 2010 on debt defaulted on in 2001, met separately with court mediator Daniel Pollack in New York.
The two sides, however left the offices of the lawyer appointed by judge Thomas Griesa after five hours of talks without a single resolution or plans for new discussions made.
"If there is no agreement, the next sovereign debt crisis for Argentina will begin July 30. There is still time to avoid that result, but only if the Argentine government starts serious negotiations with us immediately," a statement from Aurelius explained today.
The hedge fund added that it and other holdouts offered to meet with the government in any place, at any time, but that the proposal was rejected.
"The Argentine officials refuse to meet with us or even to negotiate with us indirectly. Unfortunately, this focus plays with the means and future of the Argentine people."
The statement also criticised the Argentine request for Griesa to reinstate the 'stay', an injunction which would allow the nation to pay bondholders who did enter the debt swaps and hence meet the July 30 deadline for payment.
"On Friday, the Argentine Economic Ministry emitted a further declaration asking for the pari passu order to be suspended. This is strange, because the District Court [of New York] rejected that suspension last month," Aurelius claim.
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