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Argentina appeals hedge funds case to US Supreme Court; warns of 'havoc' if lower court ruling stands
Argentina announced on Tuesday it had appealed to the US Supreme Court against a lower court order to pay off hedge fund investors in its bonds, arguing that order violated its sovereignty.
The US government has asked the US Supreme Court to intervene over a hedge fund's effort to gain information about Argentina's non-US assets as part of an ongoing litigation, which is rapidly becoming a lead case regarding sovereign assets and sovereign debts rescheduling.
A United States appeals court on Monday declined to reconsider an order requiring Argentina to pay 1.33 billion dollars, ruling in favor of bondholders who refused to participate in two debt restructurings spinning out of the country's 2002 default.
Argentine President Cristina Fernandez has accused part of the United States judiciary of wishing to take Argentina to default, comparing Argentina’s situation with that which currently faces US counterpart Barack Obama.
Cristina Fernandez sends bill to reopen third debt swap and calls on God to illuminate US Supreme Court
Argentina will send a bill to Congress this week to reopen a debt restructuring for those creditors who haven’t accepted previous swaps after the nation’s 2001 default, said President Cristina Fernandez Monday evening on national television.
The United States Justice, Treasure and State Department officials met on Friday with lawyers both from Argentina and hedge funds that refused to accept the administrations of presidents Nestor Kirchner and Cristina Fernandez debt swaps, The Washington Post reported on Saturday.
Two US hedge funds suing Argentina for full payment on defaulted bonds rejected on Friday, President Cristina Fernandez government offer to settle the suit with a deal that would give them approximately 25% of what they were seeking.
Argentina plans to offer suing holdout creditors a 25-year bond equal to the face value of their debt when the country defaulted in 2002, local financial daily Ambito Financiero reported on Wednesday.
The long-awaited showdown in a US appeals court this week pits Argentina against a group of investors who refused to swap their debt after the country's historic 2002 default.
Argentina has made its final written arguments ahead of a February 27 US courtroom showdown against holdout bondholders demanding full payment of capital plus interests for sovereign debt from the default of more than a decade ago.