https://money.cnn.com/2014/07/25/investing/argentina-default The 2014 Argentine default occurred because Argentina had violated its contracts with a small group of bondholders by creating the Lock Law. Coronavirus and COVID-19 pandemic and health news. https://www.vox.com/2014/7/31/5954705/argentina-default-paul-singer After attending hours-long meetings Thursday in New York with holdout bondholders, economy minister Axel Kicillof accused U.S. District Judge Thomas Griesa of creating a “judicial puzzle” when he ruled earlier this year that Argentina could not pay bondholders who agreed to discounts in 2005 and 2010 unless it paid the vulture funds at the same time. Still, there are powerful incentives pushing both sides toward a compromise. Argentina today technically defaulted on its debt for the second time in 10 years as the government unveiled plans to swap $95bn (£65bn) of bonds for securities that pay lower interest rates. On Wednesday, a group of Argentine bankers tried without success to negotiate directly with the bondholders, who are led by New York-based Elliott Management. What Does That Actually Mean? He then began covering the border and Mexican economies until his assignment to The Times’ Mexico City bureau in 2001. But Republican resistance has left the U.S. exposed to continued infections. But foreign investment has dropped off and inflation has soared, partly because the currency, the peso, has steadily devalued against the dollar, increasing the cost of imported goods and services. Census takeaways: Sluggish growth, good news for the GOP, bad news for Latinos? Argentina Default Is Ruled a Credit Event for Swaps. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. He reopened the paper’s Bogota bureau in 2006. Those talks are continuing, with assists from “international mediators,” according to Argentine news reports. Thu 7 Aug 2014 11.37 EDT. He is a graduate of the University of South Florida and also has been a reporter at the San Jose Mercury News, San Diego Union-Tribune and the San Diego Business Journal. First published July 25, 2014: 2:02 AM ET, These are your 3 financial advisors near you, This site finds and compares 3 financial advisors in your area, Check this off your list before retirement: talk to an advisor, Answer these questions to find the right financial advisor for you, An Insane Card Offering 0% Interest Until Nearly 2020, Transferring Your Balance to a 14-Month 0% APR is Ingenious, The Top 7 Balance Transfer Credit Cards On The Market Today, Get $300 Back With This Outrageous New Credit Card. India has set another record for daily coronavirus infections for a fifth day in a row, at more than 350,000, as its healthcare system nears collapse. U.S. to share AstraZeneca shots with world after safety check. All times are ET. 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