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3rd time unlucky: Argentina set for new default
Argentina is on course to default on its debt for the third time in 28 years on Wednesday – an event that could cost U.S. hedge funds millions of dollars and provide investors with yet another worry amid geopolitical turmoil. The Latin American country has just two days to comply with a U.S. legal ruling to repay $1.3 billion to so-called holdout creditors, who snapped up junk bonds around the time of its massive $82-billion default in 2001 and refused to accept the debt restructurings that followed. At the same time, the country has to find $539 million to pay interest on restructured debt. The Buenos Aires ... (full story)