Still, the bonds remain at lofty prices because some investors seem hopeful that Argentina can quickly emerge from default. Many were focusing on a potential private sector solution that would allow Argentina to settle its debt with the holdouts, after the news earlier this week that Argentine banks were preparing a Nike 2017 Shoes Offering
Eleventh hour talks with two American hedge funds that have refused to accept a writedown on their Argentine bonds failed on Wednesday, causing Buenos Aires to miss a payment deadline on its restructured debt under a US court decision that bars it from servicing those bonds without also paying the so called "holdouts".
"The prices are all over the place," said Peter Lannigan, managing director at CRT Capital Group LLC. "It highly uncertain even where prices are right now. Trading is very spotty."
Capitanich accused the judge of "mala praxis", or malpractice, and condemned the US government for failing to intervene.
"There been mala praxis here by the United States justice system, for which all three branches of the government are responsible," he said.
"Because of this mala praxis the United States is responsible for failing to act adequately. And don come to us with the excuse that the justice system is independent, just because it of reason and not of the vulture funds," he added.
After Argentina denounced several US court rulings awarding judgments to creditors and consistently refused to pay the holdouts, Judge Griesa issued his unprecedented 2012 ruling that barred Argentina from paying its restructured bondholders unless it also pays the holdouts. That ruling was upheld by the Second Circuit Court of Appeals and the US Supreme Court in June declined to hear Argentina appeal.
Argentina has blamed the United States for the legal battle that blocked the country from servicing its restructured debt and forced it into a new default.
But some investors refused to take the new bonds, with many suing in US courts for full repayment. These included hedge funds led by Elliott Management Corp NML Capital Ltd. and Aurelius Capital Management Ltd., which have won about $US1.6 billion after years of litigation.
"There are multiple international legal avenues. For example, an appeal before the international court in The Hague," he said. "The international community can back the actions of tiny groups that try to dynamite sovereign debt restructurings."
Standard Poor Ratings Services declared Argentina on Wednesday in default on some of its bonds after Argentine negotiators and a small group of hedge funds in New York failed to reach a deal before a deadline to make $US539 million in interest payments lapsed Wednesday.
Argentina situation raises questions about the "precariousness of the US justice system" and the failure of the US courts and government to uphold that country laws and contracts, said Cabinet Chief Jorge Capitanich during his daily news conference.
"If there a judge who an agent of these speculative funds, if the mediator is their agent, what is this justice you talking about?," he said at press conference in Buenos Aires on Thursday.
US courts had jurisdiction over these lawsuits because Argentina had agreed in some of its bond contracts to resolve any disputes under New York law.
Argentine President Cristina Kirchner cabinet chief, Jorge Capitanich, accused US District Judge Thomas Griesa and court appointed mediator Dan Pollack of "incompetence" and said Argentina would take the matter to international courts "to exercise its rights before the international community".
Argentina latest default can trace its roots back to the country decision to repudiate about $1US00 billion in debt during a deep economic crisis in 2001. After years of confrontation with creditors, investors exchanged almost 93 per cent of their defaulted bonds for new securities in heavily discounted restructurings in 2005 and 2010 that gave them just 33 cents on the Nike Sneakers Orange
deposited the money last month with bond trustee The Bank of New York Mellon, but US District Court Judge Thomas Griesa blocked its distribution to investors because Argentina ignored his ruling to also pay hedge funds suing to collect on bonds the country stopped paying in 2001.
bid to compensate part of what the government owes.
Argentina Nike Black And White Runners
Argentina dollar denominated bonds due in 2033, the ones whose interest payment was due, fell to near 90 cents on the dollar, from a closing price of 96 cents Nike Shoes Red 2018 late Wednesday, traders said. Bond yields rose to 9.7 per cent, from 8.8 per cent. Prices move in the opposite direction as yields.
Argentina mulls legal options in debt default
"The expectation of a bank deal is supporting bond prices," said Siobhan Morden, head of Latin America strategy at Jefferies LLC. "But it difficult to trade these headlines when you getting whiplashed" by sharp price moves in thin trading. "Most people have adopted their view, taken their positions, and waited to see what the final outcome will be, " Ms Morden said.
Ratings agency Standard Poor had placed Argentina in "selective default" before the unsuccessful end of Wednesday talks at the offices of Pollack, the New York lawyer appointed by Griesa to break the impasse between Argentina and hedge funds NML Capital and Aurelius Capital Management.
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