Just
coming through the wires now
Argentina
placed into ‘default’ rating as debt deal deadline expires
Argentina’s
credit rating was downgraded to “selective default” by Standard &
Poor’s as the South American country missed Wednesday’s deadline
for a grace period during ongoing negotiations with holdout debt
holders.
RT,
30
July, 2014
Wednesday
is the cutoff for Argentina to make good on a $539 million payment to
bondholders, which was placed on hold by a US judge’s order tying
that payment to ongoing litigation by vulture funds which refused the
country’s original cents-on-the-dollar debt restructuring offer.
Analysts
generally do not believe that a default by Argentina will have the
same consequences as in 2001.
“An
Argentina default is expected to be short-lived at this point and
shouldn’t have any major implication for the country,” said Mauro
Roca to Bloomberg, a senior Latin America economist at Goldman Sachs
in New York.
“There’s
the expectation that a deal with holdouts will be worked out soon.”
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The vultures move in for the kill. What's the betting that they are domiciled in a tax haven and their is a Rothchild's on the board?
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