Approaches the specter of technical default for Argentina, and the South American financial markets are feeling the effects today after the decision of the federal court in New York, which ordered the country to compensate the bondholders who had not adhered, after the 2001 default, to the restructuring imposed by the government on government bonds.
Judge Thomas Griesa then ordered the compensation, which amounts to approx 1,3 billion dollars, in favor of speculative funds that Buenos Aires has so far tried to discriminate, triggering the denunciation of the holders.
Argentina therefore risks not being able to pay the due tranche, equal to 3,14 billion dollars, which it had planned to pay for bonds and interest that will mature on December 15th.
The only hope for Cristina Kirchner would be to get right on appeal.
At the start of trading, the warrants denominated in dollars indexed to GDP lost 8,8%, while those denominated in pesos fell by 4,9%.
The stock market also fell sharply, dropping 2,9%. According to Alberto Bernal, of Bulltick Capital Markets, the New York court ruling increases the chances that Argentina will default on warrants and other bonds issued under New York law.
