This sets up a showdown with Argentina which earlier declared it would not allow the bank to walk away from the business.
Separately, Citi cut chief executive Michael Corbat's annual compensation by 10.3% to $13M in 2014, citing high legal expenses and the bank's failure to win regulatory approval for its capital plan last year.
Previously: Citigroup blocked from making Argentine bond payments (Mar. 13 2015)
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