Forum   Contacts   RSS
AtomInfo.Ru


SandP Declares Selective Default in Argentina

RIA Novosti, PUBLISHED 05.08.2014

International rating agency Standard & Poor’s declared Argentina in ‘selective default’ on its bonds, while country’s authorities continue negotiations with hedge fund creditors in New York to reach a deal on restructuring Argentina’s state debt, Agence France-Presse reported late Wednesday.

According to the S&P statement cited by the agency, the final deadline for making a $539 million payment on Argentina’s restructured debt passed, which led to the country being declared in selective default on part of its bonds.

A New York court has earlier ruled that Argentina had to pay $1.33 billion to its 2001 bond holders who did not agree with restructuring deal. Buenos Aires restructured 93 percent of its debt but the creditors holding the rest 7 percent of the bonds did not accept Argentina’s proposal and filed a lawsuit, demanding a full payment.

The US court had also blocked the transfer of the sum that Buenos Aires forwarded in order to cover its restructured debt, forcing the country to start negotiations with the bond creditors who refused the restructuring deal. Argentina attempted to reach an agreement on extension of the payment deadline but still no accord was signed late Wednesday.

Over the last 40 years Argentina went through three major debt crises (1982, 1988 and 2001) with the default declared by the country’s government in 2001 becoming the largest in history.

Topics: Argentine


Other news:

Russian, Chinese Companies Sign Memorandum to Build Floating Nuclear Plants

The memorandum was signed by Dzhomart Aliev and CNNC New Energy President Tianlin Qian.

Construction of Brand New US Nuclear Plants Hampered

AP agency reports on a number of quality and cost problems that now cast doubts about if the nuclear energy would ever dominate other electricity sources.

Russia Planning 3 Advanced Fast-Breeder Reactors at Beloyarsk Nuclear Power Plant by 2030

Beloyarsk’s fifth power unit will be the first in line to get a next-generation reactor installed on-site to enable a closed nuclear fuel cycle.


Hero of the day

Victor Murogov

The ISTC Responsible Science Program and Subprogram Culture of Nuclear Nonproliferation

The dual-use nature of nuclear technology consisting in the potential for its application equally in peaceful and military sphere is the basic contradiction for the existing nuclear nonproliferation regime and comprehensive development of the nuclear power and nuclear fuel cycle.



INTERVIEW

Jerry Hopwood

Jerry Hopwood
We are currently working with the Nuclear Decommissioning Authority (NDA) on this approach, which was submitted in response to their February 2012 call for alternative proposals. We appreciate that the UK is in the early stages of their policy development activities and are pleased to be involved in such important work.


OPINION

Joint Plan of Action

Joint Plan of Action
The goal for these negotiations is to reach a mutually-agreed long-term comprehensive solution that would ensure Iran's nuclear programme will be exclusively peaceful. Iran reaffirms that under no circumstances will Iran ever seek or develop any nuclear weapons.


Search:


Rambler's Top100