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Argentina remains defiant follow court setback over debt payment

  • Argentina intends to continue paying bondholders on the same terms as it has been doing until now, Economy Minister Hernan Lorenzino has said.
  • Lorenzino was speaking in response to a U.S. appeals court decision to confirm a judge's order that Argentina repay $1.33B of debt in full to investors who refused to accept a haircut following the country's $100B default in 2001. Argentine law forbids such a payout.
  • The appeals court has refrained from implementing its verdict while the Supreme Court decides whether to take on the case, thereby averting a possible default in the near future.
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