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Argentina: Won’t submit to ‘extortion’ on debt

June 16, 2014 • Business


FILE – In this Feb. 12, 2014, file photo, Argentine President Cristina Fernandez gives a speech, aired on national TV, during an event at the Casa Rosada government palace in Buenos Aires, Argentina. President Fernandez said Monday June 16, 2014, that Argentina can’t comply with U.S. court orders to pay $1.5 billion to winners of a decade-long legal battle over defaulted debt, the position her country was left in Monday when the U.S. Supreme Court refused to hear her government’s final appeal. (AP Photo/Victor R. Caivano, File)

BUENOS AIRES, Argentina (AP) — President Cristina Fernandez says Argentina can’t possibly comply with U.S. court orders to pay $1.5 billion in cash to winners of a decade-long debt dispute, the position her country was left in Monday when the U.S. Supreme Court refused to hear her government’s final appeal.

Delivering a nationally broadcast address Monday night, Fernandez expressed willingness to negotiate, but said there is simply no way that Argentina can pay in cash, in full, starting just two weeks from now, which is what the U.S. courts have ordered.

“What I cannot do as president is submit the country to such extortion,” Fernandez said.

Under the U.S. court orders, Argentina must hand over $907 million to the plaintiffs, or lose the ability to use the U.S. financial system to pay an equal amount due June 30 to holders of other Argentine bonds.

Fernandez said the total owed to the plaintiffs is $1.5 billion including interest, and paying it all Login to read more

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