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Argentine bonds: US court hears case on chasing assets

A view of the US Supreme Court on December 19, 2013 in Washington, DCArgentina argued Monday that holders of its defaulted bonds have no right to pursue government assets, in the first of two US Supreme Court reviews of its fight against hedge funds. Lawyers for Argentina argued that the government’s official assets around the world were protected by sovereign immunity, and as well by the US Foreign Sovereign Immunities Act (FSIA). But lawyers for the hedge funds, which have won several lower court rounds to compel Buenos Aires to pay up on the bonds, say they have the right to track down assets, such as those held in banks, as they try to recoup their investments. The hearing, and a second one to come, could finally decide the years-long case over whether a country which restructured its debt with a majority of bond holders has to repay a small minority which refused to join the restructuring deal.

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