{"id":15051,"date":"2014-06-18T06:47:39","date_gmt":"2014-06-18T06:47:39","guid":{"rendered":"https:\/\/new.igihe.com\/imf-in-warning-over-argentina-ruling-at-us\/"},"modified":"2014-06-18T06:47:26","modified_gmt":"2014-06-18T06:47:26","slug":"imf-in-warning-over-argentina-ruling-at-us","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/imf-in-warning-over-argentina-ruling-at-us\/","title":{"rendered":"IMF in Warning Over Argentina Ruling at US Supreme Court"},"content":{"rendered":"

{{The International Monetary Fund (IMF) has warned that Argentina’s legal defeat in its fight against hedge fund investors may have wider implications.}}<\/p>\n

On Monday, a US Supreme Court ruling sided with bondholders demanding Argentina pay them $1.3bn.<\/p>\n

The IMF said it was concerned about “broader systemic implications”.<\/p>\n

Meanwhile the ratings agency S&P cut Argentina’s credit rating, warning the ruling made it more likely that the country would default.<\/p>\n

“The Argentine government has limited capacity to pay the plaintiff creditors while servicing its current debt”, S&P said.<\/p>\n

S&P reduced the credit rating by two notches from “CCC+” to “CCC-“. <\/p>\n

The move theoretically makes it more expensive for Argentina to borrow money. However, the country has been unable to raise funds on the international market since its 2001-02 debt default.<\/p>\n

Argentina’s Economy Minister, Axel Kicillof, said the government was “starting to take steps” to restructure the debt under Argentine law – as a way of avoiding complying with the US order. <\/p>\n

In a press conference Mr Kicillof said this would allow the country to honour its commitments with those creditors who had accepted the initial agreement.<\/p>\n

Argentina has agreed a restructuring with the bulk of investors holding its defaulted debt, but the so-called “hold-outs” have been fighting for 100% of the value.<\/p>\n

Mr Kicillof added that he would be sending lawyers to speak to the US judge behind the ruling, Thomas Griesa.<\/p>\n

On Monday President Cristina Fernandez de Kirchner said her country would not bow to “extortion”, in a reference to the court’s ruling. She urged people to “remain tranquil” in the days ahead. <\/p>\n

\"\"<\/figure>\n

Cristina Fernandez de Kirchner went on national television to say her country could not comply with the ruling<\/p>\n","protected":false},"excerpt":{"rendered":"

{{The International Monetary Fund (IMF) has warned that Argentina’s legal defeat in its fight against hedge fund investors may have wider implications.}} On Monday, a US Supreme Court ruling sided with bondholders demanding Argentina pay them $1.3bn. The IMF said it was concerned about “broader systemic implications”. Meanwhile the ratings agency S&P cut Argentina’s credit […]<\/p>\n","protected":false},"author":2,"featured_media":2000052766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[101],"byline":[334],"hashtag":[],"class_list":["post-15051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-internationl","byline-igihe-reporter"],"bylines":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"contributors":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"featured_image":{"id":2000052766,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton15051.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton15051.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton15051.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton15051.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton15051.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton15051.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/15051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=15051"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/15051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000052766"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=15051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=15051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=15051"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=15051"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=15051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}