Argentina to court: revert order on debt holdouts

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Argentina to court: Revert order on debt holdouts

BUENOS AIRES, Argentina — Argentina is asking a US appeals court to reverse an order for the country to pay $1.33 billion to “holdout” creditors who refused to join two swaps for the country’s defaulted debt.

Argentine government lawyers said in papers filed late Friday that the order violates the country’s sovereignty. The lawyers say the order also threatens service on at least $24 billion of the county’s restructured sovereign debt, impairs the rights of third parties and puts global debt markets at risk.

The U.S. 2nd Circuit Court of Appeals in New York ordered the country on Oct. 26 to pay the holdouts an equal amount whenever it makes payments on other debt that has been restructured since the country’s economic collapse 11 years ago.

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