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Argentina moves to sidestep US hedge funds in debt row

Grafitti depicting US Judge Thomas Griesa and vultures behind bars, outside the National Congress while lawmakers discuss a bill on the debt submitted by Argentine President Cristina Kirchner, in Buenos Aires on September 10, 2014Argentina passed a measure Thursday aimed at sidestepping a US court order that has blocked the country from paying back debt tied up in a feud with hedge funds. The immediate goal is to allow Argentina to make good on a debt payment of $200 million due on September 30. It is the latest move by President Cristina Kirchner’s administration in a legal tussle with creditors who have refused to join a restructuring deal following Argentina’s 2001 default on $100 billion of debt. They took Argentina to court and won a ruling from US federal Judge Thomas Griesa ordering the South American country to pay them the full $1.3 billion due.

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