Economy Minister Kicillof rejects Argentina defaulted on its debt: ‘There is a …

Economy Minister Axel Kicillof today referred to the vulture fund battle amid failed negotiations with holdouts, and said that saying Argentina defaulted on its debt is an "atomic nonsense" adding "those who today cheer the apocalypse, applauded the 2001 (crisis)."

During a press conference held this afternoon at the Economy Ministry, Kicillof warned US judge Thomas Griesa, who led the Argetnine debt case, "is endagering the 92 percent of exchange bondholders to favour vulture funds."

“There is no default. There are collection problems due to a judiciary sentence. The money held by judge Griesa is not ours, it belongs to bondholders,” argued Kicillof, adding the New York judge’s way of handling negotiations are “Guinness record material” thanks to his “incongruence.”

The Economy Minister explained default can be reached in four ways: not paying, non-compliance of other obligations, moratorium, and validity (in the case the Argentine Government objects the validity of the bonds).

“Argentina paid. The payment is done. Argentina deposited the money,” Kicillof said, denying the default.

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