Argentine Economy Minister Axel Kicillof press conference. Earlier: Argentina downgraded – cut to Selective Default by S&P

Live feed here (in Spanish)

  • Giving an update on talks with holdout creditors
  • Reiterated Argentina’s position to holdout creditors
  • Says Judge Griesa thinks holdout creditors should grant stay
  • Says hedge funds not willing to give delay on ruling
  • Says Argentina can’t comply with court ruling
  • Says debt taks should include all holdouts, not just hedge funds
  • Says Argentina presented an offer, same terms as previous debt swaps
  • Holdouts didn’t accept offer (i.e hedge funds rejected Argentina’s offer)
  • Argentina asked holdouts for a delay on court ruling, says a stay would create conditions for debt negotiation
  • Total claims from holdouts $15bn-$20bn
  • Holdouts suggested providing a guarantee
  • Kicillof says guarantee doesn’t make sense for Argentina
  • Says Argentina cannot sign any accord under extortion
  • Judge doesn’t understand complexities of the case
  • Judge seems to favour holdouts
  • No one knows how to define this Argentine default
  • Says Argentina is not in default, Argentina to keep paying its debt
  • Says blocked debt payment the responsibility of judge
  • Argentina will continue to pay restructured bondholders
  • Says ratings agencies aren’t credible
  • Argentina will take all measures needed to face unfair situation
  • Argentina will not do anything illegal

(ps. – the other important late US development: Banco Espirito Santo capital falls below minimum requirement on 4.25B euro loss)

I’m updating all these comments … but the FX rates don’t care. Not much happening. (Although oil is drifting lower)