US court averts Argentina default at the last minute
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On Wednesday, New York's Second Circuit Court of Appeals placed a stay on a lower court's order that Argentina must pay $1.3 billion (1 billion euros) in long-defaulted bonds to a group of US hedge funds, including NML Capital, Elliot Management and Aurelius Capital Management.
The payment was due on December 15, and if not made by the debt-laden South American country, would have driven Argentina into technical default.
In 2001, Argentina defaulted on government bonds worth about $100 billion. Read more [...]