U.S. judge urges Argentina to resume bond litigation talks
By Nate Raymond
NEW YORK Oct 28 (Reuters) - Days after an election sent the Argentine presidential race into a runoff, a U.S. judge on Wednesday urged the South American nation to resume talks to settle bondholder litigation flowing from its $100 billion default in 2002.
U.S. District Judge Thomas Griesa in New York made the remarks as creditors suing over defaulted bonds urged him to expand to nearly $8 billion the amount Argentina must pay them to service its restructured debts.
Griesa did not reference Sunday's election to replace Argentine President Cristina Kirchner Fernandez, whose administration has called the suing creditors "vultures."
But he noted Argentina previously declined to participate in settlement negotiations and said he assumed "at this late date in this very lengthy litigation that attitude is over with."
"The way to ultimately resolve this litigation must come through settlement," Griesa said.
The comments came during the latest hearing litigation by creditors seeking full repayment on Argentine bonds following the country's 2002 default.
The holdouts spurned Argentina's 2005 and 2010 debt restructurings, which resulted in 92 percent of its defaulted debt being swapped and investors being paid less than 30 cents on the dollar.
Wednesday's hearing concerned whether Griesa should order Argentina to pay 530 creditors seeking $6.15 billion when it services its restructured debt. Continuación...