Argentina talks go long as debt deadline looms

AP News
Posted: Jul 29, 2014 7:52 PM
Argentina talks go long as debt deadline looms

NEW YORK (AP) — Argentina's economy minister has joined negotiators who are in New York trying to prevent the South American nation's second default in 13 years.

Minister Axel Kicillof arrived Tuesday evening at the Manhattan offices of a mediator appointed to try to strike a deal by midnight Wednesday.

A federal judge last week ordered around-the-clock negotiations to avoid a default.

But Argentina has blamed the judge for the crisis, saying his orders are forcing it into insolvency.

The judge has ordered Argentina to pay about $1.5 billion it owes to New York hedge funds if it pays other bondholders who agreed to swap their bonds at a discount.

The bond swaps accepted by about 92 percent of bondholders in the last decade came after Argentina went into default in 2001.