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We’re about five-and-a-half days from Argentina’s second default in 13 years, and two days into the “continuous” “negotiations” ordered by a federal judge. So how are things going? Towards that default, obviously.
“We will continue to seek ways to engage Argentina in negotiations, but there is currently a total lack of willingness on Argentina’s part to solve this problem,” NML Capital said in a statement.
Argentina, it seems, can’t quite get over the fact that the hedge funds it’s been stiffing and the judge whose order to stop stiffing them it has gleefully tarred and ignored won’t take it at its word and just let it not default in exchange for a promise to do right by them, eventually and within reason. Indeed, it can’t talk about anything else.
“With the good faith of the vulture funds and a rational attitude from Griesa, this litigation can be resolved,” Argentine cabinet chief Jorge Capitanich told reporters….
Economy Minister Axel Kicillof told finance officials from across South America that Argentina would negotiate but that any talks must be held under fair conditions.
He said Griesa’s order was “unprecedented and impossible to fulfill.”
Of course, Griesa has made pretty clear they don’t actually have to fulfill that order if they can come to some kind of an arrangement with Paul Singer. That would involve actually talking to the bastard, though, so no deal.
Nor is Argentina willing to consider any of the help that Wall Street is offering in the hopes of currying favor with the uniquely recalcitrant debtor in advance of its return to the international debt markets in 10 to 15 years.
A handful of large banks pitched bond sales that would have paved the way for a settlement with so-called holdout creditors led by Elliott Management Corp. The proposals didn’t win the approval of Argentine officials, and it isn’t even clear how seriously they were considered….
Even so, the effort could still be a success for Wall Street if Argentina reaches a settlement and starts issuing bonds again. Investors and bankers say firms were seeking foremost to drum up new business.
Argentina to choose default next week: NML Spokesperson [Reuters]
Argentina says debt battle can be resolved if good faith shown [Reuters]
Argentina Debt Dispute Mediator Sets Friday Meeting as Talks Stall [WSJ]
Wall Street Takes a Shine to Argentine Bonds [WSJ]