Seeking Alpha

Tensions run high on new Argentine payment

  • Despite a New York federal court order prohibiting Argentina on paying its restructured debt before its holdout investors, the country just deposited $832M towards its restructured debt, as not to default before its Monday deadline.
  • "Complying with a ruling doesn’t exempt us from honoring our obligations," says Argentine Economy Minister Axel Kicillof. "Argentina will meet its obligations, will pay its debt, will honor its promises."
  • Holdout investors were peeved by the move, and the violation of the court order. Argentina had previously looked for a court stay until it could find the payments for the creditors.
  • The ruling still prevents third party agents from distributing the funds unless the holdout investors are included with the payments.
  • ETFs: ARGT
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