Argentina seeks last-minute solution as default looms
Published on Jul 30, 2014 7:49 AM
BUENOS AIRES (AFP) - Argentina's economy minister flew into New York on Tuesday for last-ditch talks to resolve a dispute with hedge fund creditors that has pushed the country to the brink of default.
Economy Minister Axel Kicillof threw his weight behind the talks after Argentina got a boost in its fight against so-called "holdout" hedge funds from others bondholder who appealed for more time.
Argentina has until the end of Wednesday to resolve its dispute with the holdouts, whose refusal to accept a write-down on the debt it defaulted on in 2001 has pushed Latin America's third-largest economy to the brink of a new default.
Shortly before Kicillof arrived at the talks, which are being brokered by a US court-appointed mediator, a group of holders of euro-denominated "exchange bonds" asked New York District Judge Thomas Griesa to put a stay on his ruling in favour of the hedge funds.
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