Argentine Bonds Tumble as Elliott Talks With Banks Fail
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Argentine bonds posted their biggest weekly loss in 19 months on concern private efforts to resolve a dispute with hedge-fund creditors led by Elliott Management Corp. have come to a halt.
Elliott’s NML Capital Ltd., which has a U.S. court order preventing Argentina from making debt payments until it pays the hedge funds $1.5 billion on bonds left over from a 2001 default, said today that talks with private parties have failed to produce an acceptable solution. International banks including Citigroup Inc. that had discussed finding a buyer for at least a portion of the defaulted securities couldn’t agree on a price, a person briefed on the meetings said.