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.
"Argentina is still refusing to negotiate with its creditors, either directly or indirectly, about any aspect of this dispute, and we have not heard that it has any plans to change course," a spokesman for the hedge fund, NML Capital Ltd., said in a statement. "Simply put, we have not seen any indication that Argentina is serious about even beginning a negotiation…."
Earlier Friday, representatives from the ministry and a small group of hedge funds met separately with a court-appointed mediator but didn't resolve the dispute….
"They each presented their positions to me, but not in the presence of the other side. No resolution has been reached. It is my hope that there will be future dialogue," Mr. Pollack said in a statement.
That’s BNY Mellon’s hope, too.
The bank is getting lawsuit threats left and right from just about everyone involved in the Argentina debt dispute. “Nearly economic stakeholder in this litigation has either sued or threatened to sue,” the bank said in a letter from BNY Mellon’s lawyer filed to the U.S. District Court last night….
The bank is already getting sued in Belgium by a group of euro bondholders demanding their interest payment. The same group of euro bondholders is threatening to file a suit in U.K. courts if BNY Mellon returns the money. Argentina has also threatened to sue BNY Mellon, arguing that the bank is breaking its trustee contract by not sending the interest payment onto bondholders.
And, flushed with Schadenfreude and relief after their hated neighbors fell short though they may be, it’s the morning after in Rio.
Brazil is facing trials including the challenge of a moribund economy and potentially divisive presidential elections set for October. The country must gear up for the 2016 Olympic Games in Rio de Janeiro, another megaevent that organizers say is behind schedule and which is once again provoking criticism of Brazil's spending priorities.
"Brazil during the cup was like Fantasy Island, but the reality shock will come," said Marcelo Salomon, an economist who follows Brazil at Barclays in New York. "We are in a process of deceleration that has surprised even the biggest pessimists."
Hedge Fund Says Argentina Not Working to Negotiate Deal in Dispute [WSJ]
Argentina Refusing Talks With Elliott as Default Looms [Bloomberg]
BNY Mellon Caught In the Crossfire of Argentina Debt Dispute [WSJ MoneyBeat blog]
World Cup’s End Brings Brazil Back to Reality [WSJ]