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Weekly Report - 7 August 2014 (WR-14-31)
ARGENTINA: After default, an alternative solution emerges
Though the government in Buenos Aires continues to deny Argentina has entered into default, the financial world beyond is clear. On 1 August the International Swaps and Derivatives Association (ISDA) ruled that a “failure to pay credit event” had occurred in Argentina, when the country’s payments to bondholders were blocked by US judge, Thomas Griesa. Relations between the Argentine government and Griesa have deteriorated further, with Buenos Aires demanding the replacement of the court-appointed mediator, Daniel Pollack. As the argument continues, a private sector solution has started to take shape.
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