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Argentina is lacking in many things: Sufficient reserves to pay its bills, for one. International goodwill, for another. The patience of a certain very important federal judge. Goals in the World Cup.
But Argentina is also a very rich country: Rich in beef, in the fruit of the vine, in natural resources, and, perhaps above all, in unique recalcitrance vis-à-vis hedge funds it owes money. Well, in a last-ditch and almost certainly too-late bid to avert a default that it says is not a default, Argentina has parted with some of that precious recalcitrance, at last deigning to have its people chat with Paul Singer’s people about getting out of this mess with other peoples’ money and rights.
Less than two days before their country’s second default in 13 years, Argentine officials met with representatives of the hedge-fund holdouts from its last default for the first time yesterday.
Kicillof arrived in New York with a representative of Argentina’s private banks, who have reportedly offered to either buy the holdouts’ bonds or make a US$250 million escrow deposit as a sign of the country’s good faith….
In addition to the moves from Argentina, a group of euro-denominated restructured bondholders—whose payments Griesa has also barred—offered to waive their RUFO rights if Griesa issues a stay.
Argentina Talks Heat Up As Deadline Nears [FINalternatives]