In a televised speech on 16 June, Argentina's President Cristina Fernández rejected the US court-enforced demands that Argentina pay US$1.33bn to holdout creditors as “extortionate”, but left the door open for some form of negotiation. News earlier that day that the US Supreme Court would not consider an appeal against a lower court ruling requiring Argentina to pay US$1.33bn to a group of hedge funds has caused a crisis in Buenos Aires. Stock market and bond prices slumped by around 10% during the day. Argentine officials are working full time on their plan to avoid a new default on the country’s foreign debt, 12 years after the last one. The problem is that the plan, a mixture of defiance and keeping-options-open, appears to be internally contradictory. End of preview - This article contains approximately 1077 words.
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