Argentine Economy Minister Axel Kicillof press conference. Earlier: Argentina downgraded – cut to Selective Default by S&P
Live feed here (in Spanish)
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- Giving an update on talks with holdout creditors
- Reiterated Argentina’s position to holdout creditors
- Says Judge Griesa thinks holdout creditors should grant stay
- Says hedge funds not willing to give delay on ruling
- Says Argentina can’t comply with court ruling
- Says debt taks should include all holdouts, not just hedge funds
- Says Argentina presented an offer, same terms as previous debt swaps
- Holdouts didn’t accept offer (i.e hedge funds rejected Argentina’s offer)
- Argentina asked holdouts for a delay on court ruling, says a stay would create conditions for debt negotiation
- Total claims from holdouts $15bn-$20bn
- Holdouts suggested providing a guarantee
- Kicillof says guarantee doesn’t make sense for Argentina
- Says Argentina cannot sign any accord under extortion
- Judge doesn’t understand complexities of the case
- Judge seems to favour holdouts
- No one knows how to define this Argentine default
- Says Argentina is not in default, Argentina to keep paying its debt
- Says blocked debt payment the responsibility of judge
- Argentina will continue to pay restructured bondholders
- Says ratings agencies aren’t credible
- Argentina will take all measures needed to face unfair situation
- Argentina will not do anything illegal
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(ps. – the other important late US development: Banco Espirito Santo capital falls below minimum requirement on 4.25B euro loss)
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I’m updating all these comments … but the FX rates don’t care. Not much happening. (Although oil is drifting lower)
