Argentina’s New President Mauricio Macri Expects Country to Get Back Up; Continues to Settle Debt with 4 More Creditors
Feb 14, 2016 09:50 PM EST
President Mauricio Macri is expecting Argentina to be back on track after settling two of the six biggest holdouts of the South American nation. The country will continue their settlement talks with the four remaining holdout creditors.
Channel News Asia reported that court-appointed mediator Daniel Pollack said Thursday that everything is being solved through discussing things and talking about what's the best for both sides. Late night discussions with Argentina's high officials and the firms' principals are happening. Dart Management and Montreux Partners have already agreed with the settlement Argentina offered. They offered to pay US$6.5 billion plus a 27.5-30 percent discount. Elliott Management's NML Capital Ltd and Aurelius Capital Management LP did not respond to the settlement offer.
President Macri got to the office just two months ago and this is one of his agendas. He wants to end the overdue debt of his country. According to Bloomberg, it has been a decade since these legal arguments are stopping Argentina to move on. Finance Minister Alfonso Prat-Gay is hoping the lawsuit to drop so they can pay the other creditors properly.
Reuters stated that U.S. District Judge Thomas Griesa in Manhattan said the four remaining creditors should prove to the court as to why Argentina should be stopped to pay their debt to foreign countries. They were given until only this month to give their arguments. Back in 2014, Griesa gave a verdict that Argentina should pay their largest holdouts in the U.S. first as they have an equal rights agreements. Argentina's lawyers argue that those restrictions are stopping them to finalize deals and other settlements with other debt holders.
Argentina together with its new president is hoping Argentina's economy will rise again. They are hoping that Argentina's debt and everything will be resolve this year and that they will be back in the bonds market worldwide.