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Argentine stocks drop as U.S. Supreme Court rejects defaulted bond plan

  • ADRs of oil and gas explorer YPF, bank BBVA and Latin America-focused wireless firm NII Holdings (NASDAQ:NIHD) fell sharply today in reaction to a setback for Argentina's defaulted bonds which sent the country's markets reeling, taking select U.S.-listed stocks lower.
  • The U.S. Supreme Court today left intact rulings that may force Argentina to pay billions of dollars to holders of repudiated bonds, rejecting an appeal in a case that has blocked the country from international debt markets for more than a decade and could prompt the government to default for a second time in 13 years.
  • YPF -11.9%, BBVA -0.8%, NIHD -11.3%, END -14.5%, TGS -10.6%, PZE -8.3%, GGAL -8.1%, PAM -6.6%, APSA -4.2%, NTL -3.3%.
  • ETF: ARGT
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Comments (2)
  • DeepValueLover
    , contributor
    Comments (9163) | Send Message
     
    How did Argentina get to be so messed up economically?
    16 Jun 2014, 08:18 PM Reply Like
  • Elliott R. Morss
    , contributor
    Comments (595) | Send Message
     
    DVL:
    Long story - this piece is good starting point - http://bit.ly/UGKyuH
    16 Jun 2014, 08:41 PM Reply Like
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