Argentine president-elect wants 'tough' debt default talks

[bemildred]

Argentine President-elect Mauricio Macri plans to push through economic reforms that will buy him time for a "tough negotiation" with U.S. hedge funds suing the South American country over unpaid sovereign debt, he told the daily Clarin newspaper.

The pro-business Macri, who narrowly won Sunday's presidential election, vows to get Argentina's stalled economy moving again but needs to settle a decade-long legal battle with the holdout creditors before he can return to global credit markets.

"We're not worried about this," Macri said in the interview published on Tuesday. "We want to bring policy solutions that give us time to establish a framework for a tough negotiation so that we can defend the rights of Argentines."

That will mean finding a quick way to bolster the central bank's dwindling foreign currency reserves, which have fallen to a nine-year low below $26 billion as outgoing President Cristina Fernandez battles to prop up the peso currency ARS=RASL.

http://in.reuters.com/article/2015/11/24/us-argentina-election-idINKBN0TD1US20151124

[forest444]

1. Tough on Argentina - not Cayman Singer.

The vulture fund TARP baby helps bankroll his right-wing party (Republican Proposal), after all. https://translate.google.com/translate?hl=en&sl=es&u=http://proyectario.blogspot.com/2013/02/argentina-fondo-buitre-financia-ong.html&prev=search

Be careful with Reichters (Reuters were Hitler's publicists). They're very fond of toeing the vulture fund line, such that many readers may not realize that 92% of bondholders are having their payments held ransom so that a Cayman Islands laundry can reap $ 1 billion from a $48 million black-market bond purchase.

They're not exactly honest brokers. http://www.democraticunderground.com/110839077

[Judi Lynn]

2. Great post. Thanks for the info. n/t