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Argentina eyes debt move to dodge US court

The Senate of Argentina discusses the approval of law’ projects submitted by Argentine President Cristina Krichner, in Buenos Aires, on September 3, 2014Argentina’s congress will likely pass on Wednesday a measure aimed at side-stepping a US court order that has blocked the country from paying back debt tied up in a feud with hedge funds. The lower house will vote on legislation approved by the Senate last week that would move the repayment location from New York to either Buenos Aires or Paris. It is the latest move by President Cristina Kirchner’s administration in a legal tussle with holdout creditors that have refused to join a restructuring deal following Argentina’s 2001 default on $100 billion in debts. A New York judge, Thomas Griesa, has ordered Argentina to pay the funds in full and prevented the country from repaying its other creditors until it fulfills the requirement.

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