The downgrade will stay in place until Argentina resolves nonpayment issues. Local currency bonds kept their CCC+/C ratings intact.
Argentina remains in negotiations Wednesday in an attempt to reach a deal that would allow it to make payments on its bonds.
A years-long dispute with bondholders involved in its last default in 2001 has come to a head following a ruling that Argentina must pay those creditors.
- Argentine banks are reportedly pitching a deal to avert a default.
30/7/14
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Luxemburgo pidió permiso a Griesa para pagar a inversores europeos. Por el momento, el Gobierno sólo ha podido pagar a los tenedores locales de bonos con legislación argentina.
Cristina pidió "terminar con el pillaje internacional en materia financiera". La Presidenta también criticó a los organismos multilaterales...
Argentina: Juez de EE.UU.,Thomas Griesa, y fondos buitre buscan llevarnos al default
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Argentine debt talks end in failure...
ReplyDeleteLast-minute talks in New York between Argentina and a group of bond-holders to avoid the country defaulting on its debt have ended in failure.
So-called "vulture fund" investors are demanding a full pay-out of $1.3bn (£766m) on bonds they hold.
Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make a big profit.
A US judge set a deadline of 04:00 GMT on Thursday for a deal. The crisis stems from Argentina's 2001 default.
Late on Wednesday evening, Argentina's Economy Minister Axel Kicillof said the investors had rejected the government's latest offer.
"Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in default," Daniel Pollack, the court-appointed mediator in the case, said in a statement on Wednesday evening.
A fresh default is not expected to affect Argentina's economy in the same way it did in 2001, when dozens were killed in street protests and the authorities froze savers' accounts to halt a run on the banks.
"The full consequences of default are not predictable, but they certainly are not positive," Mr Pollack said.
Speaking at a news conference in New York, Mr Kicillof said Argentina would not do anything illegal........................http://www.bbc.com/news/business-28578179
31/7/14