Argentina loses appeal in US bond debt case

August 23, 2013 • Business

Traders work at Argentina’s Stock Market in Buenos Aires, Argentina, Friday, Aug. 23, 2013. A U.S. appeals court dealt Argentina a blow Friday in the lengthy legal battle over the country’s massive 2001 default, upholding a ruling ordering it to pay $1.4 billion to bondholders. Argentine officials have warned the impact of a ruling against the country could be severe, since a novel payment formula already generally upheld by the appellate court last year could prompt the South American government to default again. (AP Photo/Victor R. Caivano)

NEW YORK (AP) — A U.S. appeals court gave Argentina’s spurned bondholders a substantial $1.4 billion victory on Friday in their lengthy legal battle to collect debts unpaid since the country’s world-record 2001 default.

The 2nd U.S. Circuit Court of Appeals in Manhattan unanimously rejected every Argentine argument, saying the country had failed to provide any proof that “cataclysmic repercussions” could result if it’s forced to keep the promises it made in its 1990s bond contracts.

“What the consequences predicted by Argentina have in common is that they are speculative, hyperbolic Login to read more

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