A U.S. appeals court will hold a hearing on April 13 to
analyze the possible lifting of injunctions that have restricted
Argentina from paying off some of its debts, according to an order
issued by the court late on Friday.
On Thursday, the U.S. government asked the 2nd U.S. Circuit
Court of Appeals in New York to uphold the lifting of the injunctions,
given the country's efforts to settle litigation over bonds in default
since 2002.
The brief was filed following a visit to Argentina by U.S.
President Barack Obama, who praised the pace of reforms taken by
President Mauricio Macri, the country's new center-right leader.
Argentina's previous leader Cristina Fernandez had a chilly
relationship with Washington and refused to negotiate with U.S.-based
creditors suing Argentina over its 2002 debt default.
The date of the appeal court hearing is one day before the
April 14 deadline established for Argentina to deliver a $4.65 billion
payout to key "holdout" creditors, as agreed in a February deal that
could allow the country to return to international debt markets after
almost 15 years.
If the country issues fresh debt in the international bond
market, the finance ministry will insist on paying an interest rate of
no more than 8.5 percent, official news agency Telam reported, citing
unnamed government sources.
Finance Minister Alfonso Prat Gay plans to issue up to $15
billion in bonds to pay Argentina's settlement with creditors and
finance other government operations, the Telam report said.
Macri inherited an economy with high inflation, scant
central bank reserves and wide deficits. Prat Gay would go on a road
show to New York, London and other financial centers to sell the
upcoming issuance to investors long put off by Fernandez's
interventionist policies, Telam said.
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