Argentina requests court stay

|By:, SA News Editor

After Argentine President Cristina Fernandez switched her policy on Friday of not negotiating with holdout creditors, Argentina is now looking for a court stay to avoid default.

The country is still battling the creditors who refused to take part in the debt restructurings after Argentina defaulted on $100B of debt in 2002.

Without the court stay, Argentina will not be able to fulfill the June 30 coupon payments on its restructured bonds, until it pays the $1.3B it owes to holdout creditors.