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Argentina Sends Negotiators to US Days Ahead of Looming Default

RIA Novosti, PUBLISHED 28.07.2014

A delegation from Argentina heads to New York for talks on the country's looming debt problem, in order to reach an agreement by July 30, otherwise Buenos Aires faces technical default.

On Monday, the Argentine Economy Ministry representatives head to the United States for the next meeting with a representative of the American court Daniel Pollack, including the Finance Secretary Pablo Lopez, Attorney General Angelina Abbona, as well as the Economy Ministry's Legal and Technical Secretary Federico Thea. The head of the Economy Ministry Axel Kicillof will stay in Buenos Aires and monitor the progress of the negotiations from the Argentine capital.

The negotiations are difficult, they require time and therefore Argentina insists on interim measures (which will allow for payments on restructured debt), Capitanich said.

Earlier Argentine President Cristina Kirchner announced that the country will not default as default comes for those who do not pay, and Argentina paid on its obligations.

According to a ruling of the US court, the holdout investors who refused to take part in debt restructuring will make it impossible for Buenos Aires to pay debt obligations due on June 30.

Earlier, the US Supreme Court declined an appeal against American courts, obliging Argentina to pay $1.33 billion to holdout investors. Before that, Buenos Aires managed to restructure 93 percent of its debt. Argentinas government stated that this ruling of the US Supreme Court pushed the country to default on its debt.

Earlier, Economy Minister Axel Kicillof stated that complying with American court ruling will lead to Argentina paying not just $1.3 billion, but $15 billion to those holdout investors who will demand similar terms as those who sued Argentinas government.

Topics: USA, Argentine

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