New York: The Appeal Court ruled against Argentina by vulture funds
The Court of Appeals for the Second Circuit in New York rejected the settlement proposal made by Argentina to the creditors who did not enter the swaps in 2005 and 2010.
However, it suspended the application of the failure to resolve the U.S. Supreme Court, which prevents “technical default” of the country.
If the judgment becomes final, Argentina must pay 1,300 million to those creditors, who are mostly hedge funds.
The ruling did not surprise the government already had evidence that would be unfavorable. The Kirchner administration expects the U.S. Supreme Court ends reversing lower court decisions, but the court has yet to resolve whether to intervene in the case.