Argentina Holds No Positive Expectations For Friday’s Debt Hearing
Argentina’s Cabinet chief Jorge Capitanich said on Friday the government held no positive expectations for a court hearing in New York later in the day that will discuss the South American country’s debt default. The default occurred after Latin America’s No. 3 economy failed to reach a deal with holdout investors suing it for full repayment on bonds they bought at a steep discount following the country’s previous default in 2002 on $100 billion of debt. The government maintains it has not defaulted because it made a required interest payment on one of its bonds. But U.S. District Judge Thomas Griesa blocked that deposit in June, saying it violated his ruling that Argentina settle their dispute with holdout investors first. Capitanich told reporters in the capital, Buenos Aires, “We can’t hold any positive expectations because (Judge Griesa) has always held the view of someone who is partial.” On Thursday, Capitanich branded Griesa an “agent” of the litigating New York hedge funds. Griesa is scheduled to hold Friday’s hearing at 11 a.m.
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