Daniel Pollack and Argentina

Argentina: Argentina will default for the second time in 13 years if it cannot reach a deal with the U.S. hedge funds before July 30. Daniel Pollack, the court-appointed mediator in the dispute, met with Argentine officials and in a statement released after the talks said that progress had not been reached. Pollack also said the Argentinians were returning to Buenos Aires Friday night, but he expects more talks before the deadline. Argentina faces default risk as court orders $1.3B debt payback Argentina stops payment on foreign debt , according to Canadian Broadcasting Corporation, CBC. President Cristina Fernandez has long refused to negotiate with the plaintiffs led by New York billionaire Paul Singer NML Capital Ltd., who spent more than a decade litigating for payment in full rather than agreeing to provide Argentina with debt relief. But Fernandez has been backed into a corner by NML Capital payment plan and has been sending a delegation to meet the negotiator in New York in hopes of averting a default. Argentina negotiations with creditors to resolve a dispute over $1.5 billion in unpaid debts remained deadlocked following talks Friday, setting it on a course for a possible catastrophic default next week. Following a U.S. judge order, Argentina can't pay investors who accepted lower-valued bonds after its record $100- billion default in 2001 unless it also pays off creditors who didn't participate in previous bond swaps. (news.financializer.com). As reported in the news.