After meeting with court-appointed special master Daniel Pollack on Monday, it has been announced that Economy Minister Axel Kicillof and the Argentine delegation will go into further negotiations on Friday in New York.
Leaving the three and a half hour meeting yesterday, Kicillof said, “the sentence of Griesa, how it is interpreted, would be impossible to meet,” and reiterated Argentina´s wishes for a stay on the ruling.
Accompanying Kicillof into the meeting were Finance Secretary Pablo López, Deputy Attorney of the Treasury Javier Pargament, and Technical Secretary Federico Thea.
A statement by the Ministry of Economy said that in the meeting Kicillof outlined Argentina´s legal position in the case, explained the origin of the debt, causes of the 2001 financial crash in which Argentina defaulted on nearly 100 billion USD, and how the government has worked since to repay its debts.
The communiqué made it clear “that reinstating the stay would be necessary since the case does not only involve the plaintiffs but also could be extended to all of the bonds which did not enter restructuring; and would complicated payment to bondholders from the 2005 to 2010 swaps.”
In his daily press briefing at the Casa Rosada, Cabinet Chief Jorge Capitanich said, “It has been an intense dialogue.”
The meeting between the Argentine delegation led by Kicillof and Pollack took place without participation of the holdout vulture funds. It is unclear if the holdout creditors will participate in Friday´s meeting or not.