Argentina steps to the edge and back
Argentina’s long drawn-out legal battle over its foreign debt in the US courts has come to an end. Its opponents – a group of US hedge funds (President Cristina Fernández prefers to call them ‘vulture funds’) – have won an almost complete victory after the US Supreme Court on 16 June published its decision not to review an earlier ruling by New York federal Judge Thomas Griesa that Argentina must pay a group of hold-out creditors, led by the hedge fund, NML Capital, a total of US$1.33bn.