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Argentina Saves The Heavy Lifting For Last

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So now that Argentina’s agreed to pay everyone else back at least some of the money they lent it, the time has come to deal with the ones that insist they be paid in full. You know, the ones that President Cristina Kirchner has vowed to never, ever pay under any circumstances excepting their submitting their long, flowing face values to the clippers she’s wielding, no matter what John Roberts & co. say?

“There’s just 7 percent of creditors left who haven’t voluntarily restructured their debt, and of that 7 percent there’s 1 percent that are vulture funds that have promoted lawsuits in the U.S.,” Cabinet Chief Jorge Capitanich said yesterday during a press conference in Buenos Aires. “We have a final step so that either via the judicial system or voluntary agreement we can end this process of restructuring our debt.”

Fernandez called the holdout hedge funds “serial predators” during a speech yesterday.

Which may all be true, but which doesn’t really matter, what with that 1% of 7% holding the keys to the international debt markets that Argentina would so very love to tap.

“The political embarrassment of locking in current double-digit yields remains a constraint for the sovereign to issue,” Werning said in a telephone interview from New York. “The main hurdle before the government would actually embrace market access is the private creditor holdout problem....”

“It’s not a game-changer,” Roca said in a telephone interview from New York. “It doesn’t mean that Argentina can now return to markets. This will happen once the holdouts issue is resolved.”

Argentina Leaves Singer for Last in Preparing Bond Market Return [Bloomberg]


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