The Traderszone Network

Published in TZ Latest News 19 August, 2014 by The TZ Newswire Staff

Argentina aims to skirt U.S. court, bring debt under national law

President Cristina Fernandez on Tuesday unveiled legislation that seeks to push bondholders to swap defaulted debt for new notes governed by Argentine law, a move aimed at skirting a U.S. Argentina slid into default last month after a New York court blocked an interest payment of $539 million owed to holders of debt that was restructured after the country’s record 2002 default. The judge said Argentina could not proceed with that payment until it had also settled on repayment terms with a group of funds that had rejected the restructuring deal and are demanding full payment.

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