10 years ago
1
Argentina has defaulted
Argentine Finance Minister Axel Kicillof delivered the news to the world from Argentina's consulate in New York City on Wednesday. Kicillof had just finished a meeting in which he and a delegation from The Republic failed to satisfy the demands of a group of hedge fund creditors negotiating over $1.3 billion worth of debt owed to them for over a decade.
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Argentina paid (deposited the money in NY, for the bondholders). But an American judge seizes money. That's not default.