Argentina attempts to end legal standoff with offer to US hedge funds
Argentina's Finance Ministry yesterday said it will make an offer to US hedge funds later this month, in order to end a legal standoff that has locked the country out of global credit markets for more than a decade.
Plans to make the offer come after Argentina yesterday resumed talks in New York with a group of hedge funds including Elliott Management Corp. and Aurelius Capital Management, which sued the country after it declined to pay them in full for bonds bought after it defaulted on them in 2001.
‘Committed … to making an offer’
The ministry said in a statement: ‘The Argentine government has committed itself to making an offer to solve the judicial dispute during the week of January 25, expecting that at the same time the other party will present its own negotiating proposal.’
No overnight deal
Argentine officials are eager to resolve the conflict so the country can attract investment and begin borrowing money abroad. But Finance Minister Alfonso Prat-Gay cautioned that a deal won't come overnight. Source: The Wall Street Journal