Argentina rules out individual debt talks

Wednesday 27 August 2014 18.19
Argentina fell into default again last month after failing to reach agreement with 'hold-out' funds
Argentina fell into default again last month after failing to reach agreement with 'hold-out' funds

Argentina's government has ruled out further piecemeal debt negotiations with a small group of US hedge funds.

The country's Economy Minister said Buenos Aires needed to strike a deal with all bondholders who rejected past restructuring agreements as a single group.

"We have to negotiate with everyone," Axel Kicillof told a group of Congressional committees.

Latin America's third largest economy fell into default again last month after failing to reach an agreement with one group of holdout funds led by NML Capital Ltd and Aurelius Capital Management who are suing for full payment on their bond holdings.

Other funds who also rejected the bond swaps that followed the South American country's record default in 2002 lurk in the sidelines and could launch similar lawsuits.