On bonds defaulted due to unfair treatment of creditors, the US Supreme Court rejected the country's appeal to the New York court ruling ordering Buenos Aires to pay $1,3 billion to hedge funds that had not opted for the bond swap. debt.
In its defense, Argentina has expressed its concern about the risk of a new default in the event of payment, after the historic default of 2011, a major blow for the country and its battle against small creditors. The country also said the ruling threatens the international credit market and hampers the debt restructuring process.
Hedge funds have urged the judge to dismiss Argentina's appeal, arguing the country had vastly overestimated the financial impact of the case and also has the money to pay. The Argentine government, they added, has a long history of harassing creditors and does not deserve Supreme Court review.
Meanwhile, the drop of more than 15% experienced by the Argentine currency in early trading yesterday forced the Central Bank to return to the market to sell dollars, thus limiting the drop at the end of the session to 8%, which in any case represents the largest loss for the weight on a daily basis from the $95 billion default and steep devaluation of 2002.
The Argentine currency yesterday exceeded the symbolic threshold of 8 pesos per dollar after having broken through the day before that of 7 pesos, a shock for Argentines who in the 90s lived in parity between peso and dollar.
