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Weekly Report - 21 August 2014 (WR-14-33)
ARGENTINA: Fernández proposes debt swap in Buenos Aires
Once again, Argentina has put forward a proposal to resolve its debt crisis. Once again, it is a solution that is unlikely to satisfy either the New York district judge whose court order resulted in Argentina’s default, or the bondholders whose intransigence created this stand-off. In a nationally televised address on 19 August, President Cristina Fernández proposed replacing the New York-based financial intermediary for its payments to bondholders, Bank of New York Mellon (BONY) to one based in Buenos Aires, Nación Fideicomisos, a subsidiary of the state-owned Banco Nación.
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