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Argentina Needs YOU (And Everyone Else On Earth) To Help It Out Of A Little Jam

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Who is responsible for the fact that Argentina isn’t paying its debt? According to a couple of her cabinet ministers, it certainly isn’t Argentina.

“The United States had previously supported our stance in the case so it understands the gravity of the case. Nevertheless, their support hasn’t continued at the Supreme Court. I wonder why they changed their mind,” Kicillof said yesterday. “The International Monetary Fund also didn’t file an amicus because the United States didn’t agree with Argentina….”

All country members of OAS, with the exception of the United States and Canada, signed a statement in support of Argentina. Jacobson said the United States could not support the declaration as the issue was currently being discussed in court.

The Argentine officials made it clear yesterday they did not see that as a viable excuse.

“It’s surprising that the United States asks not to talk about this issue and doesn’t partake in the support for Argentina by numerous countries,” Timerman said. “Still, we have a good relationship with them and permanent dialogue. We agree on some issues but not on others.”

Well, if you’re not comfortable just blaming America in general, perhaps you could get more specific? Perhaps at the expense of the federal judge who so annoyingly insists that Argentina’s sovereign majesty is still bound by the contracts it signs?

“We will go to talk to Griesa’s negotiator, but we need fair and balanced conditions. Argentina wants to negotiate in good faith, but under conditions that contemplate the rights of all the creditors,” Kicillof said. “We only have 28 days to avoid a default. Argentina has the resources to pay its debt but Griesa’s decision seeks to restrain us from paying.”

And whose responsibility is it to fix this mess? One guess as to whose it isn’t.

“We ask the international community to take action. We need them to implement urgent solutions and not only issue statements. We don’t want to be a case to be studied in the future on how a country suffered due to an absurd decision,” Kicillof said, speaking to the OAS country members. “We need the world to support our claim and help us.”

Now, about those talks: Minister Kicillof, who is really racking up miles over the past few weeks, will be there. At his insistence, the hedge funds 23 days away from pushing Argentina back over the default cliff will definitely not be. And there will, of course, be demands, along the lines of no negotiations unless you let us keep paying our debt until the end of the year when that clause barring us from making a better deal with those vulture bastards expires so that we can screw over the suckers who accepted our restructuring a who, alas, unlike us, will have to live by the letter of the contracts they sign.

Argentine Economy Minister Axel Kicillof will lead the negotiating team traveling to New York to meet with a court-appointed mediator on Monday, as it tries to resolve a dispute with creditors over unpaid debts that could see the country default for a second time in 13 years….

Despite hopes that the government might deal directly with the hedge funds or their attorneys, Mr. Kicillof told reporters Thursday in the U.S. capital that the Argentine delegation would only meet with Mr. Pollack, making the prospect of a swift resolution more distant.

Kicillof blasts US for failing to support Argentina [Buenos Aires Herald]
Argentina Economy Minister Axel Kicillof to Lead Debt Negotiating Team [WSJ]
Argetnina Will Meet With Mediator, But Not Hedge Funds [FINalternatives]