Monday, July 28, 2014

US Pollack confirms meeting with Argentine delegation tomorrow, without holdouts

Argentina will send a negotiation team to New York today for further talks with a US court-appointed mediator Daniel Pollack in its debt dispute with "holdout" investors, Cabinet Chief Jorge Capitanich said earlier, with just three days left to avert a default. In a statment released today, Pollack confirmed he will be receiving the Argentine delegation at his office tomorrow at 12 pm (Argentina time) and he "urged direct, face-to-face conversations with the Bondholders, but that will not happen tomorrow."

Argentina has until Wednesday to either pay the New York hedge funds suing for full repayment on their bonds or reach a deal.

Otherwise, barring a suspension of the court-ordered July 30 deadline, Argentina will default for the second time in 12 years.

Pollack has issued two statements in hours this morning. In the latest, he said: "I received a telephone call from the Government of the Republic of Argentina advising me that the delegation of Technical, Financial and Legal representatives of the Republic who were in my office last Thursday and, briefly, on Friday morning, will fly from Buenos Aires tonight to meet with me tomorrow at 11:00 am." "I again urged direct, face-to-face conversations with the Bondholders, but that will not happen tomorrow," the statement added.