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Argentina's Debt: A Conflict of Principles

By Antonia E. Stolper

What's next in the standoff between Argentina and the U.S. courts? Reverberations from Judge Thomas Griesa's ruling on Argentine debt continue.

The reverberations of Argentina’s loss in NML Capital Ltd. vs. Republic of Argentina continue.

The conflict stems from a 2012 decision by United States District Court for the Southern District of New York (SDNY) Judge Thomas Griesa in a case brought by the hedge fund NML Capital Ltd. and others (NML), over $1.3 billion of bonds they hold, issued by Argentina under a 1994 Fiscal Agency Agreement and governed under New York law, that Argentina defaulted on in 2001. Argentina conducted exchange offers in 2005 and 2010 that canceled approximately 93 percent of bonds governed by various...

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