| inbluevt | Date: Wednesday, 2013/08/28, 12:29 PM | Message # 1 | DMCA |
|
|
Private
Group: Blocked
Messages: 1024
|
Economy Minister Hernan Lorenzino (pictured right) said on Sunday that Argentina did not accept a New York
court’s order to pay $1.47 billion to two hedge funds holding defaulted bonds, saying the case could go to the US Supreme Court.
Argentina has said it will continue to pay back debt on its own terms, after a US appeals court ordered the South American country to hand $1.47 billion (1.1 billion euros) to two hedge funds holding its defaulted bonds.
“We will continue to pay (the debt) as we have been until now, under the same terms,” Economy Minister Hernan Lorenzino told state news agency Telam on Sunday.
Buenos Aires’ defiant stance is just the latest chapter in an ongoing dispute over the repayment of government bonds it was forced to default on in 2001.
Facing bankruptcy at the time, the country struck a deal with almost all of its creditors to restructure its debt at a discount of nearly 70 percent in two phases, in 2005 and 2010.
However, two funds, NML Capital and Aurelius, refused to take part in the arrangement.
Argentina has claimed that the court’s decision would spur the other 93% of creditors who previously agreed to a deal to also demand full repayment, thus forcing the country back to the 2001 bankruptcy scenario.
More
Message edited by inbluevt - Wednesday, 2013/08/28, 12:33 PM |
|
|
| |
Main 
