Banks offered to pay 250 million dollars upfront and the rest in several payments. Hedge funds appear to have accepted the initiative, but requested the money to be paid fully at once.

Wednesday, July 30, 2014

Banks, vulture funds discuss details of debt agreement; meeting to be resumed tomorrow

The meeting between Argentine private bank representatives and the so called “vulture funds” over the debt held by the hedge funds has been adjourned and will be resumed tomorrow.

Ámbito.com has revealed that banks will contribute around 1.4 billion dollars in order to buy the titles from the holdouts investors, which means that Argentina will avoid falling into default for any substantial period of time.

Banks offered to pay 250 million dollars upfront and the rest in several payments. Hedge funds appear to have accepted the initiative, but requested the money to be paid fully at once.

Negotiations will continue tomorrow, top sources told Ambito.com.