Argentine president says country will avoid debt default
Published on Jun 17, 2014 11:40 AM
BUENOS AIRES (AFP) - President Cristina Kirchner said Monday that there would be no default in payment of Argentina's restructured debt, after a United States Supreme Court ruling piled pressure on the country's finances.
Kirchner also lashed out at efforts at "extortion" in the wake of the court ruling, which turned back Argentina's appeals against paying at least US$1.3 billion to hedge fund investors in its defaulted bonds.
"Argentina has shown a more than clear will to pay, but there is a difference between negotiation and extortion," Kirchner said in a nationally televised address.
Admitting the US Supreme Court ruling was "worrisome," Kirchner said the ruling was "against the interest of 92 per cent of the bondholders." Buenos Aires had argued in court that a ruling for the hedge funds would force it back into default on its debt.
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