Argentina says will pay all creditors in Buenos Aires

[Judi Lynn]

Argentina says will pay all creditors in Buenos Aires
POSTED: 21 Aug 2014 02:09

Argentina said on Wednesday (Aug 20) it will pay all its creditors in Buenos Aires, seeking to circumvent a US court order barring it from repaying the debt it restructured after its 2001 default.


BUENOS AIRES: Argentina said on Wednesday (Aug 20) it will pay all its creditors in Buenos Aires, seeking to circumvent a US court order barring it from repaying the debt it restructured after its 2001 default.

The move aims to work around US District Court Judge Thomas Griesa's ruling in favor of two "holdout" creditors refusing to accept a write-down on their bonds, which has blocked Argentina from servicing its restructured debt and forced it into a new default.

But it is unlikely to resolve the country's dispute with the two hedge funds that took it to court for US$1.3 billion (S$1.6 billion), NML Capital and Aurelius Capital Management, which Argentina calls "vulture funds."

The announcement comes after President Cristina Kirchner said on Tuesday that Argentina was replacing Bank of New York Mellon, the bank responsible for transferring its debt payments to creditors, with the Argentine state-run Banco Nacion Trust.

More:
http://www.channelnewsasia.com/news/business/international/argentina-says-will-pay/1322452.html

[sabbat hunter]

1. I think that

Argentina's best bet is to keep delaying this until past the deadline (December I believe) in which it would have to repay ALL default debtors the full amount if it paid any of them the full amount.

[Peace Patriot]

2. Good for them! I hope Argentina's plan works

and they get out from under this second-hand/third-hand speculators' "vulture" debt. Paul Singer--the utter bastard who is behind this-- reminds me very much of the banksters and their junk mortgages and their secondary speculation that the mortgages would fail! They BET ON THE FAILURE OF THE MORTGAGES! i.e., they HOPED they would fail; they SOLD THEM for their FAILURE 'VALUE'!

Gawd, I couldn't believe that when I first learned of it. Singer is sick like that--bloated with money, mad with power, FORCING people--in this case a whole country full of people--to fail!

If his diabolical scheme works, many children will DIE, many people will starve, a whole society will be stripped of its ability to function and catapulted into chaos. And HE never leant them any money. He is merely speculating with pennies-on-the-dollar DERIVATIVES. This is so disgusting. And his purpose, no doubt--besides getting his thrills from destroying a country--is to loot whatever may be lying around after their society collapses AND to destroy the leftist government that restored Argentina's viability with the original debt settlement.

And what a brilliant solution from Argentina's leftists! Continue paying their legitimately negotiated debt settlement through their own bank and leave Mr. Singer to burn in his own Hell of unsatisfied greed!