Argentine Seeks Talks With Bond Holdouts to Avert Default

Argentina plans to start talks with holders of its defaulted bonds in a bid to comply with a U.S. court ruling and stave off a new debt crisis.

Officials from the South American country plan to meet next week in New York with holdout creditors led by billionaire hedge fund investor Paul Singer, a lawyer for the government told a Manhattan federal judge today. That change in tack came less than 24 hours after Economy Minister Axel Kicillof said the country would seek to skirt the U.S. ruling by moving its overseas bonds into the local market, a move that U.S. District Judge Thomas Griesa said today would be illegal.