Argentina: SCOTUS rules for the creditors
By Fausta's Blog on June 16, 2014
Two, not one, rulings regarding the 2001 defaulted bonds, upholding U.S. contract law; As I had mentioned earlier, This is an interesting case, not just because Argentina initially had to issue the bonds with a guarantee that they would pay them in full because the country had already defaulted, but also because it may set a precedent for any future sovereign debt or municipal debt restructurings. High Court Sides With Holdout Creditors in Argentina Debt Case The U.S. Supreme Court handed Argentina a pair of legal setbacks in cases stemming from its 2001 default, a major blow for the country in its lengthy battle with holdout creditors The first, In one highly anticipated case, the justices rejected Argentina’s request that the high court intervene in litigation with holdout hedge funds that had refused to accept the country’s debt-restructuring offers. The Supreme Court, without comment, left in place a lower-court ruling that said Argentina can’t make payments on its restructured debt unless it also pays the holdouts. . . .
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