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July 31, 2014
Monday, July 7, 2014

Vulture funds 'open to compromise' with Argentina

Elliott Management portfolio manager Jay Newman has revealed that the hedge fund would be willing to give the Argentine government more time to negotiate following the nation's reverse in the US Supreme Court, while criticising Economy minister Axel Kicillof for not meeting with the so-called 'vulture funds'.

"Our firm could be persuaded to give Argentina more time if the government took concrete and serious steps to meet its obligations," Newman explained in a column published today by the Financial Times.

"But the silence from Argentina is deafening. It does not appear serious about reaching a timely resolution of its debts."

Kicillof, who today met with Daniel Pollack, the lawyer appointed by judge Thomas Griesa to mediate in the case between Argentina and the holdouts, was criticised by the Elliott representative for his actions in refusing to talk directly with those bondholders.

"Two weeks ago [Kicillof] flew to New York to give an inflammatory speech at the UN in which he blamed bondholders and the US legal system for his country's supposed inability to settle debts owed to thousands of investors," Newman fired.

"Our offices are a 10 minute drive from UN headquarters, yet Mr Kicillof flew home without even talking to us."

The executive continued by reiterating that Elliott and other 'vulture funds' would accept payment in the form of bonds and "other financial instruments," holding up the example of the Repsol and Paris Club deals as models for a settlement. But he added that the government would have to enter talks if they wanted to strike a deal.

"Defiant speeches have not helped the country move on from the 2001 default. A single honest discussion could relegate it to the past," Newman concluded.
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Tags:  Vulture funds  Argentina  negotiations  Elliott  





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