Argentina plays last cards with NY appellate court

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Associated Press

Posted on February 2, 2013 at 2:30 PM

Updated Sunday, Feb 3 at 1:02 AM

BUENOS AIRES, Argentina (AP) — Argentina has played its last cards ahead of an appellate court hearing in New York that could set a global precedent for nations trying to settle bad debts.

Briefs filed early Saturday Buenos Aires time show the South American government is refusing to cede any ground to a group of holdout creditors it calls "vulture funds."

The holdouts want to be paid the full original promised value plus interest for bonds that Argentina hasn't made payments on since its 2001 debt crisis.

Instead, Argentina is offering the same terms that 93 percent of other bondholders accepted years ago. Its brief argues that anything less would be unfair to most investors and make it impossible for other nations to negotiate new terms for foreign debts they can't pay.

Both sides have 15 minutes for oral arguments on Feb. 27.

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