by Jubilee USA Staff
On Monday, the Supreme Court hears arguments between Argentina and holdouts who refused two debt restructuring deals after Argentina defaulted on its debts in 2001. The Supreme Court Justices will determine if predatory hedge fund, NML Capital can obtain information from US Banks that reveal Argentina's holdings in order to target those assets for debt payments. The Obama Administration is siding with Argentina in the case. In the summer, the Supreme Court will also decide if it will hear a much broader case between Argentina and the hedge funds that impacts extreme poverty, official US debt policy and country debt restructuring.
"The Supreme Court hearing this initial case offers some indication that they are interested in hearing the broader case," said Eric LeCompte, Executive Director of Jubilee USA Network. "The court's decision on the broader case will impact financial stability and people living in extreme poverty."