Yedu Satheesh

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Argentina shares fall on debt repayment doubts

Argentina shares fall on debt repayment doubts

Post By : Yedu Satheesh

Post Rank : 1454th

Category : Business

Sub Category : Finance

19 Jun 2014

Argentina's stock exchange closed 4.9% lower on Th once the country's cupboard chief same there would be no delegation to the United States of America to barter with bondholders over a $1.3bn (£766m) debt.

Earlier in the week, a United States of America Supreme Court ruling sided with bondholders stringent Argentina pay them the number fully.

Argentina defaulted on debts in 2001 following a severe slump.

It has been in an exceedingly legal battle with variety folks hedge funds that Lententide cash to the country.

Many hedge funds have in agreement to just accept a partial reimbursement, but others, light-emitting diode by NML and Marcus Aurelius Capital Management, square measure stringent payment fully.

'No mission'
Earlier in the week, President Cristina Fernandez Diamond State painter went on national tv to mention her country couldn't afford to honour the Supreme Court's ruling, however same her government was willing to debate the problem any.

However, Chief of the cupboard of Ministers Jorge Capitanich same on Th there have been no plans to barter with the hedge funds directly in ny.

"There's no Argentine mission or committee getting to ny," he said.

Argentina argues that the hedge funds bought most of the debt at an enormous discount once the 2001 default, and have since tried to impede the country's efforts to structure.

Investors holding quite ninety two of the defaulted debt in agreement in 2005 and 2010 to jot down off simple fraction of their pre-crisis worth, providing Argentina with time to re-build its economy.

But the hedge funds owning the remaining V-day command out against the restructuring.