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July 15, 2014 AT 4:23 AM
An Argentine economy ministry source said on Tuesday that Argentina will probably not send a mission to New York this week to meet with the court-appointed debt mediator, in its battle with holdout bondholders. Instead, it will certainly be in touch with him by phone. If Argentina does not reach a deal with the holdouts, who rejected previous restructurings of its debt, it faces a fresh default by the end of July--just as the country is struggling with recession and dwindling foreign reserves. Asked if there would not be a meeting in New York this week with Special Master Daniel Pollack, the source said, "This is the most probable...There will surely be contact by telephone."