23:23 25-10-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Argentina's debt dilemma "impasse," not default: Brazil's finance chief

Bishkek (AKIpress) - Brazilian Finance Minister Guido Mantega said Thursday that Argentina's technical debt default can be more accurately described as an "impasse."

"I don't think Argentina is in default, because it is paying its debts," Brazil's G1 news website cited the minister as saying.

"It is an exceptional situation, because a United States judge is preventing it from making the payment," Mantega said.

Mantega said he believed negotiations could still continue between Argentina and the so-called vulture funds that triggered the technical default.

He also said that while credit rating agencies were already beginning to downgrade Argentina, the market in general was waiting to see how the situation unfolds and even adjusting to the new reality.

"There will be no major short-term consequences," said Mantega.

But if it is established that Argentina did in fact default on its debt, "then maybe there would be a greater impact" later on, added the minister.

The impact on the Brazilian economy is "nil," he said, adding that "there will be no direct impact."

On Wednesday, Argentina technically missed its deadline to make an initial payment to creditors. Even though it had deposited the funds in a New York bank. A New York judge barred the transaction due to legal wrangling.

Argentina is one of Brazil's main trading partners, and both countries are founding members of the Southern Common Market (Mercosur).


Twitterfacebookprint
10:41 01.08.2014
LATEST NEWS
15:54 Vice PM Dil, President of Turkmenistan discuss Atambayev's visit to Ashgabat15:48 Kyrgyzstan needs to procure 2.2 million tons of coal for autumn-winter period15:34 Tenge/som exchange rate rises by 8.93% since February tenge devaluation in Kazakhstan - National Bank15:07 Vietnam business tycoon Ha Van Tham arrested for 'fraud'15:03 Kyrgyzstan and Tajikistan conduct drills on elimination of consequences from emergency situations14:52 Nazarbayev to take part in 10th World Islamic Economic Forum in Dubai14:36 Talas unveils sculpture of writer Chingiz Aitmatov14:30 Atambayev congratulates employees of local governments on their professional day14:08 Chinese Vice FM attends reception marking 23rd anniversary of Independence of Tajikistan13:44 New York axe attack 'terrorist act by Muslim convert'13:21 Gazprom to supply 330 mln m3 of gas to Jambul TPP to reduce cost of electricity supply from Kazakhstan13:19 90 projects to be approved within Business Roadmap 2020 in Kazakhstan's Karaganda12:27 Rusnano representatives discuss issues of nanotechnology in Kyrgyzstan12:21 86.7% of grain produced in Kazakhstan so far - Ministry12:03 Egypt imposes state of emergency in Sinai after attacks11:15 Kyrgyzstan has become attractive for investors after reforms for favorable conditions for business - Deputy Economy Minister10:53 Kyrgyzstan signs a number of investment deals for doing business better10:21 Google's Alan Eustace beats Baumgartner's skydiving record10:18 Kazakh oil output to rise with Kashagan after 2020 - official09:59 Ebola outbreak: Cases pass 10,000, WHO reports
Astana
-4° C
Ashgabat
+23° C
Bishkek
+19° C
Dushanbe
+19° C
Tashkent
+22° C
exchange rates
 
71.18
56.25
9.20
1.35
228.80
180.87
29.57
4.32
6.33
4.99
0.82
0.12
3084.28
2367.40
385.74
61.13
3.60
2.85
0.47
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75