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Argentina refuses to pay $1.5B to bondholders

Jun. 17, 2014 5:49 AM ETGlobal X MSCI Argentina ETF (ARGT)ARGTBy: Yoel Minkoff, SA News Editor3 Comments
  • Chances of an Argentinian sovereign default have been raised after President Cristina Fernandez said the country cannot pay the $1.5B it owes to a group mostly consisting of hedge funds by June 30. The statement follows a U.S. supreme court ruling that orders the country to repay its holdout investors before restructuring its debt.
  • Fernandez also did not give details to how Argentina would pay the more than the 90% of bondholders who agreed to take a 70+% cut on their loans after Argentina defaulted on $100B in 2001-02.
  • ETFs: ARGT
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