Argentina debt fight

Argentina Debt Fight, Complex, But Important

It has made international news, and involves citizens from around the world.  Finally, it seems like we may be close to some resolution.  Argentina’s 13-year fight with creditors erupted in U.S. courts last week, and the results were messy.

Argentina had asked the U.S. Supreme Court to overturn a lower court’s ruling that it must pay $1.5 billion to hedge funds for bonds Argentina had defaulted on in 2001. The Supreme Court refused to hear its appeal — a victory for the hedge fund investors whom Argentina’s president, Cristina Fernandez, had called “vultures.”

Fernandez had said Argentina couldn’t afford to fully pay the hedge funds while also making payments to other lenders. But late last week, signs of a possible resolution emerged. Fernandez said she would seek a U.S. judge’s support for resolving all of Argentina’s unpaid debts in one grand bargain.

Read Matthew Craft’s Miami Herald article here: http://hrld.us/UJyXLd

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