The Argentine government announced Thursday that it transferred funds to the Bank of New York Mellon to pay the 92% of bond holders who restructured after Argentina's 2001 default. Reuters reports that Judge Thomas Griesa blocked the restructured debt payments until a settlement is reached on $1.65 billion that Griesa ordered be paid to hold-out creditors.
"We are in the middle of a ping pong match between Argentina and the hold-outs," stated Eric LeCompte, Executive Director of the religious debt relief group, Jubilee USA Network. "Unfortunately, as this battle continues in the courts, Argentina faces another default."
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