The U.S. Second Circuit Court of Appeals will soon hear arguments in a legal battle that has been described in the media as “the landmark sovereign debt default case of the century”: NML v. Argentina. The court will determine --- once and for all --- whether Cristina Kirchner’s government must honor its promises to “international creditors,” i.e., the institutional holdout investors. The case, it is said, will set “an important legal precedent,” upon which might rest the future of the secondary debt market.
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