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Justin Kuepper

Argentina Appeals $1.3 Billion Court Order

By November 27, 2012

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Argentine investors who still hold sovereign debt from 2001 and refused the 2005 and 2010 debt swaps may yet recover their funds. U.S. District Judge Thomas Griesa ordered Argentina to pay out $1.3 billion to investors amid fears that the country may face another default. But the move could jeopardize bondholders who participated in the original debt swaps.

Argentina's economic ministry appealed the decision late Monday, calling it "an attack on sovereignty that shows ignorance of the laws passed by our Congress." Under the current rules, any changes to the terms of its sovereign bonds must be approved by the country's Congress, with open offers remaining for a debt swap under the 2010 terms.

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