Argentina is asking the U.S. Supreme Court to avert an “economic catastrophe” by overturning a Second Circuit ruling that could force the South American government to default on billions of dollars in debts.
Argentina defaulted on its $100 billion in debt in 2002. It settled with many of its creditors by offering them new bonds in 2005 and 2010. However, some investors refused to take these new bonds. Those holdouts, led by Cayman Islands-based hedge fund NML Capital Ltd., are now seeking payment in full.
