Key players in Argentine debt talks arrive for last-minute deal making
Wednesday, July 30, 2014 - 00:39
The key players in last-minute Argentine debt talks negotiate a media scrum as they resume talks in Manhattan to thrash out a deal aimed at averting default. Rough Cut (no reporter narration).
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ROUGH CUT (NO REPORTER NARRATION)
STORY: Argentina was in a race against time on Wednesday (July 30) to cut a deal by the end of the day with holdout investors demanding repayment on bonds they purchased in 2002. Without a deal, Argentina was faced with a debt default for the second time in 12 years.
A surge in the country's bond prices fed optimism that an agreement was possible.
Attorneys for holdout hedge funds awarded $1.33 billion plus interest by a U.S. court arrived for talks at the New York offices of court-appointed mediator Daniel Pollack on Wednesday morning, with hours to go Argentina faces its second default in 12 years. Pollack arrived shortly thereafter.
"It's a beautiful day. It will be a more beautiful day if the parties reach an agreement," Pollack told Reuters as he entered.
Argentine Economy Minister Axel Kicillof arrived shortly after 11 a.m. EDT (1500 GMT) for the talks.
The holdout funds are demanding demand full repayment on bonds they bought at a discounted rate after the country last defaulted in 2002.
The government has until midnight Wednesday (0400 GMT on Thursday) to break the deadlock. If it fails, U.S. District Judge Thomas Griesa in New York will prevent Argentina from making a July 30 deadline - representing the end of a 30-day grace period - for a coupon payment on exchanged bonds.
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