Argentina Economy Minister Axel Kicillof said that the country won’t meet the demands of a group of holdouts from its 2001 default that won a New York court ruling ordering the South American nation to pay them in full, Bloomberg News reported yesterday. The group of litigants led by billionaire Paul Singer’s Elliott Management are “obstinate” and only offered Argentina a 15 percent discount on the $1.6 billion a New York-based judge ruled they are owed, Kicillof said yesterday. Settling at those terms would trigger further demands from other holdouts, meaning Argentina could have to pay as much as $20 billion.
