Argentine Economy Minister
The hedge funds are owed
Kicillof emerged from talks late on Tuesday saying only that they would resume on Wednesday, but mediator
Latin America’s No. 3 economy has for years fought the holdout hedge funds that rejected large writedowns, but after exhausting legal avenues
Kicillof’s unexpected appearance in
“Avoiding a default is still feasible and, even if there is a default, we believe the government could manage market expectations,”
Its chances of success were boosted on Tuesday when holders of Argentina’s euro-denominated exchange bonds on Tuesday said a suspension would encourage a settlement.
They also said they would facilitate a deal by waiving the so-called RUFO clause that prevents
“Obtaining a waiver of the RUFO clause, however, will take time,” the group of bondholders said in an emergency motion for a stay filed on Tuesday.
While unnerving, the debt crisis is a far cry from the turmoil of Argentina’s record default in 2002 when dozens were killed in bloody street protests and the authorities froze savers’ accounts to halt a run on the banks.
How much pain a new default would inflict depends on how quickly
South American leaders on Tuesday rallied behind Argentine President
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