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A LAWYER appointed to lead negotiations between US vulture bondholders and Argentina over unpaid debts complained on Thursday that the country was not responding to requests to negotiate.
Daniel Pollack said Argentina’s lawyers had failed to respond to calls over the past two weeks to discuss a proposal from billionaire hedge fund speculator Paul Singer’s NML Capital Ltd.
The offer, Mr Pollack claimed, came without preconditions and offered the possibility that Argentina could settle without immediately paying cash.
US District Judge Thomas Griesa has ruled that Argentina must pay the vulture bondholders $1.5 billion (£975 million) if it makes payments to the more than 90 per cent of its bondholders who co-operated and swapped their bonds for ones of lesser value following Argentina’s $100bn (£65bn) 2001 default.
Greedy US hedge funds then picked up their bonds on the cheap and sought to enforce the terms of the bonds through the courts.
