Comment on NY judge orders 24-7 Argentina debt talks

NY judge orders 24-7 Argentina debt talks

NEW YORK (AP) — A federal judge Tuesday ordered around-the-clock negotiations aimed at averting a second debt default by Argentina in 13 years, saying a default would hurt "real people." The judge also seemed surprised when he was told by plaintiffs' attorney Edward A. Friedman that Argentina had transferred $200 million to $300 million more than previously thought at the end of June to be paid to bondholders who exchanged their bonds. Citibank attorney Karen Wagner disputed Friedman's description of the amount of money sent through a Citibank branch in Argentina and other financial institutions, saying the characterization of it as 25 percent of the money Argentina owed to bondholders who switched their bonds for lesser valued ones seemed inflated. The proceeding added to the drama surrounding the deadline for Argentina to pay U.S.

 

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