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Argentina says eyes swap of restructured debt to place under local law
June 17, 2014 / 9:57 PM / 3 years ago

Argentina says eyes swap of restructured debt to place under local law

BUENOS AIRES, June 17 (Reuters) - Argentina’s Economy Minister Axel Kicillof said on Tuesday the government is starting to take steps to restructure debt held by exchange bondholders to place it under Argentine law so it can continue to service it despite adverse U.S. court rulings.

Kicillof said if a U.S. ruling, which ordered it to pay holdout hedge funds $1.33 billion were applied as is, the South American country would be pushed into a new default, because it would open the door to claims from other holdout bondholders worth $15 billion. (Reporting by Sarah Marsh)

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