Thursday, July 24, 2014

Vulture funds claim Argentina wants default

Billionaire hedge fund manager Paul Singer.

The NML Elliot fund owned by billionaire Paul Singer said today the Argentine government “made it clear it wants to default” after the meeting with appointed mediator Special Master Daniel Pollack over the Argentine defaulted debt case.

“Argentines stated the solution is impossible. The result of the meeting is unfortunate and unnecessary,” NML said in a press release.

The “vulture fund” added it was ready to negotiate with Argentine representatives and “disposed to be flexible in order to reach a solution,” but Argentina “again rejected to negotiate any aspect of the dispute.”

“Argentina made it clear it wants to default,” they concluded.

Tomorrow, representatives from both parties will meet again in New York to try and reach an understanding before July 30, Argentina’s deadline to pay holdins.

According to US Judge Thomas Griesa, Argentina has to pay holdouts as well as bondholders which entered the 2005 and 2010 debt restructurings before that date, if not, the country will default.