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Argentine technocrats sent to negotiations; Economy Minister stays home

  • Argentina will enter its next round of negotiations with holdout investors today, but instead of sending Economy Minister Axel Kicillof this time around, the country will send a team of technocrats.
  • "The mission that will meet with the special master Daniel Pollack in New York will be carried out by the juridical and financial team of the economy ministry and other areas of the government," says Argentine Cabinet Chief Jorge Capitanich.
  • The move marks a new change in strategy for Argentina, which is desperate to prevent its second default since 2002.
  • The country claims paying the hedge funds in full will initiate additional claims for more than $100B, a concern for Argentina which only has $29.5B in reserves.
  • ETFs: ARGT
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