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Argentina seeks last-minute solution as default looms

published about 1 hour ago
Argentina seeks last-minute solution as default looms
Argentina's economy minister flew into New York on Tuesday for last-ditch talks to resolve a dispute with hedge fund creditors that has pushed the country to the brink of default. Economy Minister Axel Kicillof threw his weight behind the talks after Argentina got a boost in its fight against so-called "holdout" hedge funds from others bondholder who appealed for more time. Argentina has until the end of Wednesday to resolve its dispute with the holdouts, whose refusal to accept a ... more

Russia-Ukraine tensions pose credit default risks: IMF

published about 1 hour ago
Russia-Ukraine tensions pose credit default risks: IMF
The International Monetary Fund warned Tuesday that an escalation of tensions between Russia and Ukraine would raise the risks for banks exposed to those countries. Hit by US and European Union economic sanctions against Moscow, Russian businesses in particular could see financing and revenue dry up, pushing them to fall behind in servicing debts. While the conflict between Kiev and pro-Russian separatists has remained confined to eastern Ukraine, escalation could have global repercussions, the report warned. "An escalation of tensions ... more

IMF's Lagarde says Ukraine may need more aid

published about 2 hours ago
IMF's Lagarde says Ukraine may need more aid
The head of the International Monetary Fund, Christine Lagarde, said Tuesday that Ukraine may need more international aid if its crisis with the pro-Russia separatist rebellion is prolonged. "As it stands and under current circumstances and the set of our assumptions, which includes a conflict that eventually is resolved in a not-too-distant future, no additional financing is needed," Lagarde said at a news conference at IMF headquarters in Washington. In late April, the IMF approved a $17 billion line of ... more

Colombia urges investment boost, trade agreement with Japan

published about 2 hours ago
Colombia urges investment boost, trade agreement with Japan
Colombian President Juan Manuel Santos met Tuesday with Japan's Prime Minister Shinzo Abe, calling for accelerated bilateral trade talks and more investment by the Asian economic powerhouse. Speaking after a meeting at the presidential palace, Santos noted that Japan was the biggest Asian investor in Colombia. "This is why we have an agreement on protection of investments," he added, noting the legislation had already passed through Colombia's parliament. Santos also emphasized his country's desire to secure a bilateral trade agreement, ... more

South American leaders rally behind Argentina over debt

published about 2 hours ago
By Diego Ore and Deisy Buitrago CARACAS (Reuters) - Various South American leaders have rallied behind Argentine President Cristina Fernandez, who is locked in a legal battle with holdout investors that could trigger a debt default this week. Argentina has until late Wednesday to either pay out or reach a deal with the hedge funds that are suing for full payment on their bonds to avert a second default in little over a decade in Latin America's No. 3 economy. ... more