U.S. urges Argentina to negotiate

The U.S is urging Argentina to settle its standoff with holdout investors, after the country now faces an end-of-July deadline before entering sovereign default. Should Argentina not reach a negotiation, it would enter its second default in 12 years.

Hector Timerman, the Argentine Foreign Minister, related he is ready to negotiate, but will only talk on fair terms, and not be blackmailed into settlements. "We are not going to accept extortion and we are not going to accept measures that go against the Argentine people," says Timerman.

Argentina is sending a team to New York next week to set conditions for talks by way of a court-appointed mediator.


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Comments (3)
  • kmi
    , contributor
    Comments (4601) | Send Message
    From linked article: "Roberta Jacobson, U.S. assistant secretary of State for Western Hemisphere affairs, said it was in Argentina's interest to normalize relations with all creditors"


    This is horrible.


    It's bad enough that US based private interests are using the judicial system in the US to rewrite the way sovereign defaults function globally and impose restrictions on sovereign nations that are outside its jurisdiction, but now it appears to be that the actual US government is supporting the moves of said private creditors and judicial overreach!
    4 Jul 2014, 08:32 AM Reply Like
  • rvarin
    , contributor
    Comments (13) | Send Message
    Is it so bad to expect a party that takes a loan pay their "just" debt. Argentina already debased it's credibility and resorts to name calling "extortion" and "blackmail" of its creditors who have a legitimate claim on debt issued. To call them "vultures" for acquiring the debt at a discount and then attempting to collect the face value does not diminish Argentina's original obligation. "Factors" perform the same function in the financial community. Many manufactures, including clothing manufactures would not be able to buy their cloth supplies for their winter production selections without selling their accounts receivables expected from distributors or store chains for the summer/fall clothing run.
    4 Jul 2014, 07:09 PM Reply Like
  • rvarin
    , contributor
    Comments (13) | Send Message
    Is it so bad to expect a party to pay their "just" debt. Argentina debases itself through name calling "extortion" and "blackmail" to creditors that have a legitimate claim. To call them "vultures" for buying the debt at below face value does not diminish their obligation to pay. "Factors" perform the same service in the financial sector by buying at a slight discount the accounts receivables of manufactures to enable them to have the cash flow to continue operations. In the garment (clothing) industry the purchase of cloth for production of the winter selection may require the selling of expected accounts receivables from clothing distributors and clothing chains that have yet to pay for their summer/fall selections.
    4 Jul 2014, 07:22 PM Reply Like
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