Argentina at risk of default after US court ruling on debt
Argentina is at risk of defaulting on $24bn (£15bn) of debt after hedge funds were awarded more than $1.3bn by a US court, a move which its economy minister called “legal colonialism”.
by Gary White, The Telegraph:
“All we need now is for [Judge Thomas] Griesa to send us the Fifth Fleet,” said Hernán Lorenzino, Agentina’s economy minister.
However, New York District Court Judge Grisa was firm. “Argentina owes this and owes it now,” he said. “After 10 years of litigation this is a just result.”
A deadline for payment was set for December 15.
Cristina Fernandez de Kirchner, Argentina’s outspoken president, had vowed that the government will not pay “one dollar” to the funds. Payment could divert money from other bondholders, tipping the nation into a technical default.
2012-11-23 15:00:09
Source: http://sgtreport.com/2012/11/argentina-at-risk-of-default-after-us-court-ruling-on-debt/
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