U.S. court blocks Argentina debt payment
- 10 years ago
High drama as Argentina heads towards another default.
A day after telling the United Nations uncooperative investors are trying to push Latin America's No. 3 economy in default, economy minister Axel Kicilloff says Argentina is making good on restructured debt payments.
SOUNDBITE: ARGENTINA ECONOMY MINISTER AXEL KICILLOF (SPANISH WITH ENGLISH TRANSLATION) SAYING:
"Argentina has proceeded with the payment of its bond service under foreign law for the equivalent of $832 million of which $539 million were deposited in the accounts numbered 15.098 and 15.002 of the Bank of New York Mellon [BONY] at the Central Bank of Argentina. Including the payments that are due today, in pesos, the payment made today was over 1 billion dollars."
But a U.S. Federal court blocked the payment. The country is locked in a long-running legal fued with U.S. hedge funds that did not agree to re-work Argentina's debt obligations following a 2001-2002 default. These so-called holdout in
A day after telling the United Nations uncooperative investors are trying to push Latin America's No. 3 economy in default, economy minister Axel Kicilloff says Argentina is making good on restructured debt payments.
SOUNDBITE: ARGENTINA ECONOMY MINISTER AXEL KICILLOF (SPANISH WITH ENGLISH TRANSLATION) SAYING:
"Argentina has proceeded with the payment of its bond service under foreign law for the equivalent of $832 million of which $539 million were deposited in the accounts numbered 15.098 and 15.002 of the Bank of New York Mellon [BONY] at the Central Bank of Argentina. Including the payments that are due today, in pesos, the payment made today was over 1 billion dollars."
But a U.S. Federal court blocked the payment. The country is locked in a long-running legal fued with U.S. hedge funds that did not agree to re-work Argentina's debt obligations following a 2001-2002 default. These so-called holdout in