New Argentine government restarts talks with Vulture Funds

NEW YORK : The new Argentine government reopened talks with bondholders in New York on Wednesday that for years have blocked the struggling country’s access to global capital markets.

The previous administration of Cristina Kirchner had refused to compromise with the creditors, mainly hedge funds it branded “vultures,” after a US court ordered the country to pay the full value of bonds that Buenos Aires defaulted on some 15 years ago.

Talks between representatives of the new government of President Mauricio Macri, who has pledged to reform and revitalize the Argentine economy, and the bondholders opened on Wednesday afternoon in Manhattan, under the guide of the court-appointed mediator Daniel Pollack.

Speaking in Buenos Aires, Minister¬†Argentine Economy Alfonso Prat-Gay said the South American country would negotiate “with toughness” but was committed to finding an agreement.

This is a first introductory meeting. Don’t expect a concrete proposal. Let’s hope the holdouts show the responsibility to negotiate fairly and settle,” he told journalists.

Agencies

 

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