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US judge urges Argentina, hedge funds to avoid default

A newsstand owner counts Argentine pesos bills in Buenos Aires on January 24, 2014A US judge ordered Argentina and New York-based hedge funds Tuesday to urgently reach a deal to avoid Buenos Aires defaulting over more than $1.3 billion in debt. Presiding over a hearing in his Manhattan courtroom, federal judge Thomas Griesa refused to grant a request from lawyers for the South American country asking that a US Supreme Court ruling be suspended. The lawyer appointed by Griesa to mediate an agreement between the two sides has scheduled another meeting on Wednesday to find a solution before Argentina could be forced to default on July 31 — for the second time in 13 years.. Last month, Griesa blocked Argentina from paying a portion of its restructured debt, saying no payment could be made unless it also pays NML Capital and other funds owed $1.3 billion.

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