Friday, August 1, 2014

Argentina Unopposed to Bank Deal With Hedge Funds - Bloomberg

Argentina’s Economy Minister Axel Kicillof said the government wouldn’t oppose a third-party solution to its dispute with a group of hedge funds who successfully sued the country for $1.5 billion. A U.S. judge has blocked Argentina from paying its debt -- including an interest payment due July 30 on $13 billion of bonds -- until the hedge funds led by Elliott Management Corp. get their money. Standard & Poor’s declared the country in default while Moody’s Investors Service placed its rating on negative outlook.

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