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What impact would an Argentine default have?

Under a US court order, Argentina has until Wednesday to either pay hedge funds demanding full payment on of its bad debts — or face a default that could have serious economic consequences. It has persuaded 92 percent of its creditors to accept writeoffs of up to 70 percent, but is now facing a Catch-22: Under a ruling by a US judge, it cannot pay its other creditors without also paying the hedge funds; If Argentina pays the so-called holdout groups — which it has branded “vulture funds” — 100 percent of the $1.3 billion it owes them, it could be forced to pay all remaining creditors in full, as well. “On a day-to-day basis, it would be felt much less than in 2001,” said economist Juan Pablo Ronderos from Abeceb.com.

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