“Argentina has said it will continue to pay back debt on its own terms, after a US appeals court ordered the South American country to hand $1.47 billion (1.1 billion euros) to two hedge funds holding its defaulted bonds. Buenos Aires’ defiant stance is just the latest chapter in an ongoing dispute over government bonds it defaulted on in 2001. Facing bankruptcy at the time, the country struck a deal with almost all of its creditors to restructure its debt at a discount of nearly 70 percent. Argentina has claimed that the court’s decision would spur the other 93% of creditors who previously agreed to a deal to also demand full repayment, thus forcing the country back to bankruptcy.”
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