UN rails at Argentina debt ruling

UN rails at Argentina debt ruling

Corporate & Sovereign Strategy

US court rulings on Argentina are a setback for sovereign debt restructuring that could foster “aggressive” behavior from holdout creditors, the United Nations Conference on Trade and Development said on Wednesday. The comments came as Argentine finance minister Axel Kicillof addressed global representatives at the UN in New York, after US courts ruled the sovereign must pay $1.3bn to holdout creditors before servicing restructured debt. “It’s an unheard-of interpretation of a standard clause, t

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