…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 about BREAKING: ARGENTINA DEFAULTS
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