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Wed 23 Jul 2014 12:33 PM

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Hedge funds ordered to prevent Argentina’s debt default

On July 22, 2014, a US judge ordered Argentina and New York-based hedge funds to urgently reach a deal to avoid Buenos Aires defaulting over more than $1.3bn in unpaid debts.

Hedge funds ordered to prevent Argentina’s debt default
Attornies Carmine Boccuzzi (R) and Jonathan Blackman arrive at the US Federal Courthouse July 22, 2014 in New York. US judge Thomas Griesa on Tuesday ordered Argentina and New York-based hedge funds to urgently reach a deal to avoid Buenos Aires defaulting over more than $1.3 billion in unpaid debts. Presiding over a hearing in his Manhattan courtroom, Griesa refused to grant a request from lawyers for the South American country asking that a US Supreme Court ruling be suspended. The lawyer appointed by Griesa to mediate an agreement between the two sides, Daniel Pollack, has scheduled another meeting on Wednesday to find a solution before Argentina could be forced to default on July 31. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
Attorney Carmine Boccuzzi leaves the US Federal Courthouse July 22, 2014 in New York. US judge Thomas Griesa on Tuesday ordered Argentina and New York-based hedge funds to urgently reach a deal to avoid Buenos Aires defaulting over more than $1.3 billion in unpaid debts. Presiding over a hearing in his Manhattan courtroom, Griesa refused to grant a request from lawyers for the South American country asking that a US Supreme Court ruling be suspended. The lawyer appointed by Griesa to mediate an agreement between the two sides, Daniel Pollack, has scheduled another meeting on Wednesday to find a solution before Argentina could be forced to default on July 31. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
Attroney Robert Cohen leaves the US Federal Courthouse July 22, 2014 in New York. US judge Thomas Griesa on Tuesday ordered Argentina and New York-based hedge funds to urgently reach a deal to avoid Buenos Aires defaulting over more than $1.3 billion in unpaid debts. Presiding over a hearing in his Manhattan courtroom, Griesa refused to grant a request from lawyers for the South American country asking that a US Supreme Court ruling be suspended. The lawyer appointed by Griesa to mediate an agreement between the two sides, Daniel Pollack, has scheduled another meeting on Wednesday to find a solution before Argentina could be forced to default on July 31. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
US court appointed mediator in the Argentine debt crisis Daniel Pollack leaves the US Federal Courthouse July 22, 2014 in New York. The judge urged Argentine officials and holdout bondholders to reach an agreement. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
Argentina's Foreign Minister Hector Timerman speaks to the G77 conference entitled 'Sovereign Debt Restructuring: The case of Argentina,' June 25, 2014 at the United Nations in New York as Bolivia's Ambassador to the United Nations Sacha Llorenti (R) looks on. A US federal judge appointed a Manhattan attorney on Monday to preside over talks between Argentina and hedge fund bondholders as Buenos Aires seeks to avoid defaulting on its debt in a week's time. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
Argentina's Finance Minister Axel Kicillof (R) speaks to the G77 conference entitled 'Sovereign Debt Restructuring: The case of Argentina,' June 25, 2014 at the United Nations in New York. Listening is Bolivia's Ambassador to the United Nations Sacha Llorenti. Kicillof's trip comes after a US federal judge appointed a Manhattan attorney to preside over talks between Argentina and hedge fund bondholders as Buenos Aires seeks to avoid defaulting on its debt in a week's time. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
A young man passes by posters on a wall against the 'vulture funds' in Buenos Aires on June 18, 2014. The US Supreme Court Monday rejected Argentina's appeals against paying at least $1.3 billion to hedge fund investors in its defaulted bonds, piling pressure on the country's finances. Economy Minister Axel Kicillof warned Tuesday that if Argentina implements a new US court ruling against Buenos Aires, it would push the South American nation into default. The posters read 'Enough Vultures - Argentine united in a national cause'. (AFP/Getty Images)
Hedge funds ordered to prevent Argentina’s debt default
Members of leftist parties and social organizations march along Avenida de Mayo in downtown Buenos Aires during a demonstration to mark the 12th anniversary of the Argentine crisis, when Argentina declared the biggest debt default ever, on December 20, 2013. (AFP/Getty Images)