Argentina Blames US Authorities For Triggering Default – 1 August 2014

RT logoArgentina has accused the US of judicial malpractice and threatened to take it to the International Court of Justice, as it allowed two small hedge funds drag Buenos Aires into default and made creditors and ordinary people suffer.

The majority of bond holders agreed to write-off two thirds of Argentina’s debt held since it defaulted in 2001-2002. However a group of hedge funds, or as Argentina calls them “vulture fund” investors, who did not agree to the write-off, are now insisting on full payment of all the debt.

The problem arose after the US court prevented Argentina paying $539 million to its creditors, saying it should first pay $1.5 billion to compensate those investors who never accepted the restructuring deal.

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