Argentina gets more time to argue over defaulted debtNovember 29, 2012 - 09:44 AMT PanARMENIAN.Net - Argentina, which is locked in a court battle over its debt, has received more time to argue against paying investors over its defaulted debt, BBC News reported. The nation is appealing against a U.S. ruling ordering it to pay $1.3bn to foreign creditors holding bonds that it defaulted on in 2001. Argentina had been given until Dec 15 to reimburse the hedge funds, which shunned two previous debt swaps. But the New York court has now granted a stay while its appeal is heard. Under the original ruling, Argentina had to place the money in an account while it pursued appeals. President Cristina Fernandez de Kirchner called the ruling "judicial colonialism" and said her government would not pay a single dollar. Now, the two sides will meet in court to argue the appeal in February. Argentina defaulted on $100bn of bonds in 2001, a record amount at the time. But by 2003 a recovery was under way, and the International Monetary Fund (IMF) agreed to a new loan. Since then, Argentina has restructured its massive debt twice, offering creditors new bonds for the defaulted ones. These hedge funds have previously rejected exchanges of their defaulted debt in 2005 and 2010. If Argentina is forced to pay in full, other holders of debt totalling more than $11bn are expected to demand immediate payment as well. Argentine Economy Minister Hernan Lorenzino has said it is illegitimate to pay "vulture funds". Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. Aliyev travels to Turkey at Erdogan's invitation On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. |