Manhattan federal court Judge Thomas Griesa's Argentina headache isn't going away.
Instead, a new chapter in the country's $13 billion debt litigation will get underway on Friday when lawyers for the embattled country, for the exchange bondholders and for the banks servicing the bonds march into court and try one more time try to persuade Griesa to tweak or stay his order to prevent the country from defaulting on its debt for the second time in 13 years.
Of course, lawyers for hedge fund mogul Paul Singer and other holdout bondholders who, through years of litigation, have won the right to collect on about $1.65 billion in bond pay outs, will be there to hold the status quo.
Argentina has refused to pay Singer and the other holdouts, calling them "vultures." Griesa has ruled Argentina must pay Singer when it pays its exchange bondholders.
As Argentine markets fell 6.5 percent on Thursday, the day after the country missed a $539 million interest payment to the exchange bondholders — putting it in technical default — there were faced-paced developments on several fronts:
- Singer's Elliott Management, according to sources, threw cold water on any hope of a quick resolution by claiming no new talks are planned.
- JPMorgan Chase, the Wall Street Journal reported, was in talks to buy bonds from some of the holdouts, hoping to break the legal logjam. But Aurelius Capital, one of the holdouts, said in a statement it had "received no such proposal that we considered worthy of serious consideration."
- Members of the International Swaps Dealers Association credit determinations committee, the entity that could spark a full-fledged default, will meet Friday morning at the same time as Griesa's hearing to decide if owners of about $1 billion worth of credit default swaps on Argentina debt will be paid.
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