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Wednesday, July 30, 2014

BREAKING: ARGENTINA DEFAULTS

All those equity and bond gains – which hit an all time high – today, gone.


from ZeroHedge:


It’s all over but the crying: having explained Argentina’s position (i.e. not giving to so-called vulture funds), Economy Minister Kicilloff explains:


*KICILLOF SAYS HEDGE FUNDS NOT WILLING TO GIVE DELAY ON RULING

*KICILLOF SAYS HARD TO BELIEVE ARGENTINA IN DEFAULT IF HAS FUNDS

*KICILLOF SAYS ARGENTINA CAN’T COMPLY WITH COURT RULING

*HOLDOUTS DIDN’T ACCEPT ARGENTINE OFFER: KICILLOF


As Bloomberg notes, by defaulting today, Argentina may trigger bondholder claims of as much as $29 billion — equal to all its foreign-currency reserves. Just remember that the last 2 days have seen ‘smart money’ buy Argentine bonds and stocks to all-time record highs.


Read More @ ZeroHedge.com






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