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Daniel A. Pollack, Special Master presiding over settlement
negotiationsbetween the Republic of Argentina and its “holdout
!ondholders, issuedthe following statement toda"# $n m"
capacit" as Special Master, $ have met over the past
week with
high%level Argentine government o&cials and senior%most
principals ofthe leading institutional “holdout !ondholders as well
as attorne"s forindividual !ondholders. 'he negotiations were
intense, but civil, and $am pleased to report that enormous
progress has been made. Argentinatoda" has released a proposal to
settle with and pa" the man" defaulted!ondholders with cases in the
(ederal )ourt in *ew +ork pending beforeon. 'homas P. -riesa. 'he
pa"ments, if made, will total approimatel"/0.1 billion. 'he
proposal is sub2ect to two important conditions# 3.approval b" the
Argentine )ongress, and 4. lifting of the $n2unction
that 5udge -riesa issued several "ears ago.
'his litigation has gone on for nearl" 31 "ears since the
originalArgentine default of 4663, and the proposal b" Argentina is
an historicbreakthrough which, if the conditions mentioned above
are met, willallow Argentina to return to the global 7nancial
markets to raise muchneeded capital. $ have personall" spoken toda"
b" telephone toPresident Mauricio Macri and, earlier in the da", to
Minister of the8conom" Alfonso Prat%-a". 'he" both stand solidl"
behind this proposal.!oth have shown courage and 9eibilit" in
stepping up to and dealingwith this long%festering problem which
was not of their making. $ alsowish to acknowledge the tireless and
meaningful contributions of theirteam on the ground in *ew +ork
)it", led b" Secretar" of (inance, :uis
)aputo, and ;ice )hief of the )abinet, Mario erences between
their 7rms andArgentina. 'wo of the si leading “holdouts succeeded
in doing so, andhave signed Agreements in Principle with Argentina?
four of the si have"et to reach agreement. $t is m" strong hope
that, with continued
negotiations those 7rms, too, will be able to resolve their
di>erences andreach Agreements in Principle with Argentina. All
concerned on the“holdout !ondholders side are working
constructivel" to that end.
'he events of this week and toda" were an important step
in resolvingArgentina@s debt crisis? more remains to be done. *o
further statementwill be made tonight.
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Daniel A. Pollack Managing Partner, New YorkMcCARTER &
ENGLISH, LLP
245 Park Avenue, 27th F!!r Ne" #!rk, Ne" #!rk $%$7T'
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