On 1 January the ‘Rights Upon Future Offers’ (RUFO) clause in a large number of Argentine bond contracts expired. In theory, the end of the RUFO clause will make it easier for Argentina to negotiate a settlement with its ‘holdout’ creditors, led by hedge funds NML Capital and Aurelius Capital Management, so as to end a damaging dispute that has placed the country in partial default since July 2014, and which continues to limit its access to international capital markets. But there are few signs that President Cristina Fernández and her economy minister, Axel Kicillof, are ready to do a deal this election year.
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