With new default looming, Argentina urges calm

Argentina admitted Monday it may default on some of its debts but downplayed the consequences, just two days before time expires in negotiations with hedge funds demanding full payment on their bonds. Argentine officials traveled to New York to take a fresh stab at breaking the impasse with the so-called holdout hedge funds, who refused to join the restructuring plan reached after Buenos Aires stopped paying its more than $100-billion debt in 2001, the largest default in history. A US judge has blocked payments on the restructured debt as long as Argentina refuses to pay the holdouts, which it brands “vultures.”

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