Monday, June 1, 2015
Gov't rejects request to negotiate with Pollack, vulture funds
The Argentine government has turned down a plea from mediator Daniel Pollack to return to the negotiating table with holdout investors, with the Economy Ministry considering that talks with the so-called 'vulture funds' would be inappropriate given the behaviour of the litigants.
"It is impossible to hold negotiations right now due to the plaintiffs' persistence in carrying out actions which harm the Republic," the Ministry held in a letter responding to the court-appointed mediator's request, and signed by the lawyer representing the country in the dispute, Carmine Boccuzzi.
Pollack was named as an intermediary by judge Thomas Griesa between Argentina and the holdout investors, who rejected debt restructuring efforts in 2005 and 2010 and demand full repayment on bonds defaulted during the crisis of 2001.
In the letter, the government claimed that the hedge funds suing Argentina "say they want to resolve this conflict consensually, but they have increased their unjustified attacks on Argentina both in and outside the courts.
The mediator also saw his own position questioned by the government, which added in the letter that the refusal to negotiate was also "due to the Republic's lack of confidence in you to supervise a negotiation process."
"In these circumstances, the 'invitation' from the plaintiffs does not mean any possibility of a real solution; rather, in the best of cases, the promise of a reactivation of the media circus which took place last year," the statement concluded.
"It is impossible to hold negotiations right now due to the plaintiffs' persistence in carrying out actions which harm the Republic," the Ministry held in a letter responding to the court-appointed mediator's request, and signed by the lawyer representing the country in the dispute, Carmine Boccuzzi.
Pollack was named as an intermediary by judge Thomas Griesa between Argentina and the holdout investors, who rejected debt restructuring efforts in 2005 and 2010 and demand full repayment on bonds defaulted during the crisis of 2001.
In the letter, the government claimed that the hedge funds suing Argentina "say they want to resolve this conflict consensually, but they have increased their unjustified attacks on Argentina both in and outside the courts.
The mediator also saw his own position questioned by the government, which added in the letter that the refusal to negotiate was also "due to the Republic's lack of confidence in you to supervise a negotiation process."
"In these circumstances, the 'invitation' from the plaintiffs does not mean any possibility of a real solution; rather, in the best of cases, the promise of a reactivation of the media circus which took place last year," the statement concluded.
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