A majority of Argentina's debt investors do not want to take up a government proposal to change the jurisdiction governing their bonds, Economy Minister Axel Kicillof told members of the country's Congress yesterday, Reuters reported. The South American country last month unveiled plans to make payments on its foreign-held bonds locally and offer creditors the possibility of bringing their debt under Argentine law to skirt a U.S. court ruling that led to its latest default. Argentina defaulted in July after a U.S. court blocked an interest payment to holders of its restructured debt governed by U.S. law, ordering the government to settle first with a small group of U.S. hedge funds who spurned previous bond swaps and demand full payment. The frozen coupon payment is still held by U.S. intermediary Bank of New York Mellon.
