Argentine defaulted bonds exchange delayed

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Argentina decided Thursday to postpone its scheduled April 1 exchange of defaulted bonds waiting for New York court ruling regarding frozen securities included in the operation.

The bond swap - which would put an end to Argentina’s largest ever default, (81 billion US dollars plus interest), was scheduled for Friday but "it has been delayed," said Cabinet chief Alberto Fernandez, emphasizing that the government hoped that the situation would be solved "rapidly".
Mr. Fernández said Argentina is waiting a New York appellate court ruling on whether to maintain an embargo on some 7 billion US dollars worth of bonds that are included in the huge exchange operation.

The freeze, requested by an investment fund that rejected the bond swap, was implemented last Tuesday by New York Judge Thomas Griesa, who - however - agreed to let the matter be decided in an Appeals court.

"What we need is the confirmation of the New York judge's ruling. We're confident that it will be done quickly and that we can rapidly move forward on making the exchange a reality" Mr. Fernandez said during a Buenos Aires radio interview.
Mr. Fernandez stressed the Argentine government was sure that "at any moment" the bond swap operation would be able to move forward.

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