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Somebody Get Axel Kicillof An American Civics Textbook

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That way, the next time the Argentine economy minister/negotiator extraordinaire gets huffy about why Barack Obama doesn’t just fire U.S. District Judge Thomas Griesa, or take a page from a previous Argentine regime and make him disappear or something, he can just look “separation of powers” up in the index and turn to the relevant page. We recommend dog-earing it.

"The United States can play dumb, but Judge Griesa decided to seize something that isn't even ours. It belongs to the bondholders," Mr Kicillof said of the $539m debt payment that the judge has frozen in a bank intermediary.

"Why doesn't the United States government put limits on a judge? This seems like a joke."

It sure does, Axel. But it may finally have an end, and of just the sort Argentina wants: One that doesn’t involve it actually talking with its creditors or making any sort of compromise at all. Assuming this imminent deal, unlike all of its predecessors, isn’t just another publicity stunt that doesn’t happen.

International banks and holdout creditors of Argentine debt could reach an agreement as soon as next week, sources close to the situation told IFR on Wednesday, even though the two sides have so far been unable to agree on a price for the defaulted paper….

Sources have named JP Morgan, Citi and HSBC as the potential suitors.

A deal between holdouts and private banks is seen as a way to get around the so-called RUFO clause on restructured bonds that Argentina says is a stumbling block to reaching any resolution directly with the litigants.

Argentina attacks US for ‘playing dumb’ over default [The Telegraph]
Hopes for Argentina debt deal next week: sources [Reuters]


The late Judge Thomas P. Griesa. By John Haslam from Dornoch, Scotland [CC BY 2.0], via Wikimedia Commons

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