Argentina Struggling To Pay Its DebtMd Noman Siddique (Author) Published Date : Jul 02, 2014 10:47 IST
The Latin country Argentina may have been a favorite team for many of the football fans all over the world but the country has been going through rough time as they are facing financial default however they are planning to hold a meeting with some creditors to solve the problem.
Argentina have faced a huge default of $100 billion in debt back in 2001 however it managed to make a way after they convinced the creditors to take discount bonds to many of the creditors except NML Capital and Aurelius Capital Management who refused to take the discount bonds and dem,anded for their full payment.
However Argentina tried to overlook these two companies until a US court ruled that everyone should get the full payment made things complicated for the country.
The South American country has been paying the interest to its creditors and trying to rebuild the market reliability of bonds but the US judge asked to pay everyone in place of paying only one while at the moment Argentina has only thirty days to solve the problem with the bondholders.
According to Argentina s Ministry of the Economy and Public Finance statement, Argentina reiterates its call to negotiate on fair, equitable and legal conditions that consider the interests of 100% of creditors, which means that it allows timely charge restructured bondholders to be paid in due course.
Meanwhile a senior portfolio manager at NML parent Elliot Management informed that there was no negotiations took place between the two parties and Argentina is not interested to do so which may led the country to face a financial disaster.
Argentina Struggling To Pay Its Debt