The building of the Argentine Ministry of Economy. © ap.
Argentina has made a new proposal to still be able to meet. Its financial obligations The country wants to outstanding bonds under American law, convert loans under Argentine law, allowing an earlier ruling by an American court can be circumvented voluntarily.
Argentina came late last month for the second time this century as a defaulter to book stand. The country could not pay creditors at that time, due to a protracted conflict with the holders of bonds on which the country years ago renounced. An American judge ruled that Argentina current holders of American debt may only pay as well as the requirements of the transverse creditors are satisfied.
a provision is intended Argentina now work around the bonds issued under American law into loans under Argentine law. Thus the control of the American judge on the loans would disappear.
539 million dollars
Argentina wants payments then take place via its own central bank . For now, the obligations on American bonds are met through the American bank BNY Mellon. That was in July, amounting to $ 539 million parked for the interest on the bonds to be paid. The benefit of it was blocked by the American courts.
The debt problems of Argentina about loans on which the country has been renounced in 2001. Many creditors then wrote the last few years a large part of their claims. A small group of investors, however, remains committed to the full repayment of the loans, and is supported by the American courts. Argentina refuses to date that requirement to go.
The new proposal, that Argentine President Cristina Fernández de Kirchner launched today suggests to analysts that the likelihood is that Argentina still finds a solution to the conflict in the short term.
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