Facing fears of another default, Argentina yesterday urged a US appeals court to suspend an order requiring it to pay $1.3 billion (€1 billion) to bondholders who rejected two debt restructurings stemming from the country’s 2002 financial crisis.
The emergency motion to the court of appeals seeks to halt the effects of an order made by US district judge Thomas Griesa in New York last week, requiring Argentina to deposit the money in escrow by December 15th.
Argentina said the second circuit court should delay the order while the country pursued further appeals in the case, arguing that the ruling would result in the “destruction” of its debt restructuring. – (Reuters)