Wednesday, September 18, 2019

Argentina Seeks Better Terms for $10B of Defaulted Debt

By on January 13, 2016

BUENOS AIRES, Argentina – Argentine Finance Minister Alfonso de Prat-Gay says the country is in a position to negotiate better terms for $10 billion in defaulted debt.

 The government began talks Wednesday with so-called holdout creditors in New York in hopes of getting what it describes as “fairer” terms. Prat-Gay says Argentina’s main objective is to reduce punitive interest rates on part of the debt.

 The holdouts are a group of funds refusing to accept the terms of Argentina’s debt restructurings in 2005 and 2010. They sued the country and won the right to recover the debt in full.

Prat-Gay says the interest awarded by a U.S. judge “is extremely high” and in one case a fund that invested $1 million could get 10 times that amount.

Argentina defaulted on $100 billion in 2001.

By The Associated Press

 

One Comment

  1. El Pueblo

    January 13, 2016 at 10:17 pm

    Puerto Rico is will be next to lose in Federal court and will have to pay in FULL + INTEREST PAST DUE.

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