by Sophia Har
The first half of the month has seen several developments in Argentina's debt dispute with holdout creditors. Notably the UN passed a resolution last Tuesday that begins the process of creating a global bankruptcy process. The following article in Latin Post features reflections on the UN vote from Jubilee's Executive Director Eric LeCompte.
Argentina Debt: Lawmakers Pass Legislation to Sidestep U.S. Court Order, U.N. Votes to Begin Treaty Negotiations over Vulture Funds
by Rebecca Myles
Argentine lawmakers passed a measure on Thursday that will allow the country to sidestep a U.S. court order that froze money to pay back debt.
The law passed the lower house by a vote of 134 to 99 in favor after it was approved by the Senate last week.
Under the new law the repayment location is moved from New York to either Buenos Aires or Paris or through a bondholder.
Argentina has to make good on debt payments of $200 million by Sept. 30, according to AFP.
The law is seen as the latest move by Argentina in a legal battled with creditors who refused to join the restricting deal when Argentina defaulted on its debts of $100 billion in 2001.Under that deal, 93 percent of the country's creditors accepted a cut of 70 percent of the face value of their Argentine bonds.