Argentina approved a law proposing to restructure the country's debt to skirt a US ruling that forced it into another default.» Read More
BUENOS AIRES, Aug 19- President Cristina Fernandez said on Tuesday her government will move to service its defaulted debt in Argentina or allow bondholders to swap their bonds for new bonds governed by national law in order to get around a U.S. court order.
NEW YORK, Aug 19- Citigroup has told the U.S. appeals court overseeing the dispute between Argentina and hedge funds refusing to accept terms of the country's debt restructuring that its Argentine banking license may be at risk as a result of the standoff. Citi expects to receive about $5 million from Argentina ahead of its next coupon payment deadline of Sept. 30.
District Judge Thomas Griesa that Argentina cannot pay the bondholders until it also pays holdout investors who refused to restructure their debt in the wake of Argentina's 2001-2002 default.
Dollar weakness came even as tensions in the Ukraine were high. NATO accused the Kremlin on Friday of escalating the conflict, following reports that a small column of Russian armoured vehicles had crossed overnight into an area of Ukraine where pro- Moscow rebels are battling government forces. 1/ 8 ID: nL6N0QL20K 3/ 8.
NEW YORK, Aug 13- Argentine holdout creditor Aurelius Capital Management said on Wednesday that talks with many financial institutions about finding a private settlement solution to the sovereign debt dispute had garnered no realistic proposals.
U.S. District Court Judge Thomas Griesa, who has presided over the long-running legal battle, said in New York on Friday he would issue a contempt order unless Argentina stopped claiming it had met its obligations and was not in default.
BUENOS AIRES, Aug 13- Argentina came out swinging on Wednesday against the U.S. judge overseeing its debt default case, in defiance of a threatened contempt order, and disappointed market hopes it might soon restart talks with the hedge funds suing the country.
At the same time the major brokerages-- Bank of America's Merrill Lynch, Morgan Stanley, Wells Fargo and UBS-- are fighting to keep their money-making assets from walking out the door.
NEW YORK, Aug 12- Daniel Pollack, the court-appointed mediator in the debt dispute between Argentina and holdout creditors, who has come under fire from the Argentine government for his handling of the talks, expects to hold more meetings with both sides.
BUENOS AIRES, Aug 11- Argentina on Monday called on Washington to intervene in a court case over the country's defaulted debt after a U.S. district judge threatened the South American country with contempt for making what he called false statements.
BUENOS AIRES, Aug 11- Argentina on Monday called on Washington to intervene in a court case over the country's defaulted debt after a U.S. district judge threatened the South American country with contempt for making what he called false statements. In 2002 Argentina defaulted on about $100 billion in sovereign bonds.
NEW YORK/ BUENOS AIRES, Aug 8- The U.S. judge in Argentina's long-running debt battle with hedge funds threatened a contempt-of-court order on Friday if the nation did not stop issuing false statements about having made a required debt payment on restructured sovereign bonds.
District Judge Thomas Griesa told lawyers at Cleary Gottlieb, which represents Argentina, that the country has made several false, misleading statements after he ordered the nation to stop doing so last week. Argentina and holdout hedge funds that were awarded $1.33 billion plus interest by Griesa have been unable to come to a settlement.
District Judge Thomas Griesa could suspend his ruling that orders Argentina to pay in full New York hedge funds before it resumes payments on a separate stock of bonds on which Buenos Aires is now considered by financial markets to be in default.
In a further twist in the long-running sovereign debt dispute that has pushed Argentina once again into default, these so-called "other" holdouts said in a court filing late Thursday that the $539 million deposit that Argentina made to its indentured trustee, BNY Mellon, should go toward satisfying their U.S. court-awarded claims.
BUENOS AIRES, Aug 6- The U.S. judge in charge of Argentina's debt default case on Wednesday ordered Bank of New York Mellon to hold on to money deposited by the government rather than disburse the funds to holders of the country's restructured bonds.
NEW YORK, Aug 6- Holdout creditors are considering an offer from international banks of 80 cents on the dollar for their roughly US $1.66 bn holdings of Argentine debt, sources close to the negotiations said on Wednesday.
BUENOS AIRES, Aug 5- Argentina said on Tuesday it will formally demand that intermediary banks charged with delivering the country's debt payments make hundreds of millions of dollars in payouts that were due in June but that have been blocked by a U.S. court.
SYDNEY, Aug 6- The dollar held near an 11- month high against a basket of major currencies early on Wednesday, having got a second wind after upbeat U.S. data bolstered expectations of solid economic growth in the third quarter. The euro languished at $1.3370, having plumbed a nine-month trough of $1.3358.
SAO PAULO, Aug 5- A Brazilian-based investment fund managed by Bank of New York Mellon Corp had to write down more than half of the value of its assets due to losses in investments linked to Argentine government debt, according to a securities filing.