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. Read more »
Argentina has nine days to pay Paul Singer—or does it? Sure, a second default in 13 years will probably keep the country from tapping the international debt markets until President Cristina Kirchner’s son Máximo follows father and mother into the Casa Rosada in nine to 13 years or so. But who needs to make good on one’s commitments when one can just loudly proclaim that one has done so without actually doing so and then call on Xi Jinping and Vladimir Putin for a bailout? Read more »
Along with not scoring goals, the country is also not doing anything about paying its bills and thus avoiding having as many defaults in the 21st century as it had World Cup titles in the 20th. Read more »
Argentina doesn’t want it back, and the bank would rather not be (a) held in contempt of court or (b) sued by the people who Argentina says the money now belongs to. So it’s going to ask the judge who put it in this situation to expand on his rather glib suggestion that “the money should be returned to the republic, simple as that.” Read more »
Today’s the big day for the uniquely recalcitrant debtor’s second big D in 13 years, now that its least favorite jurist has reiterated once again that, its best efforts not withstanding, it isn’t allowed to pay only the creditors it wants to pay while piously promising to “meet its obligations, pay off its debts and honor its commitments,” except maybe to these vulture usurers “trying to bring us down to our knees.” Well, maybe not the big day, since failure to pay today—and U.S. District Judge Thomas Griesa made very clear that the “illegal” payment “will not be made,” or he’s gonna start holding people in contempt—amounts to a mere “technical” or “selective” default for 30 days. Then, maybe Moody’s will do something about it. Read more »
The uniquely recalcitrant debtor is happy—eager, even—to chat with Paul Singer and friends about resolving their little situation, Economy Minister Axel Kicillof says. Not eager enough for Kicillof to stick around for a couple of days to chat, but all the same.