Meanwhile, Argentina sits on $45 billion in cash reserves.
“Many of those bondholders are themselves Argentine citizens, some of whom invested their life savings or retirement funds in the securities, assuming that their government would follow the law and keep its contractual promises – which it did not,” American Task Force Argentina writes.
The U.S. Department of Justice has yet to take any steps to defend the bondholders in questions.
“If Argentina is allowed to continue to shirk bond payments, some fear that countries in worse financial condition will emulate its practices, thereby undermining creditor rights and the rule of law, and calling into question the enforceability of sovereign debt contracts,” TheDC News Foundation previously reported.
Argentina’s appeal case will be held at the end of February.
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