Argentina Free to Repay Creditors as US Court Opens Doors to Bond Markets

© AFP 2023 / FRANCK FIFE Aerial picture taken over Buenos Aires, Argentina
Aerial picture taken over Buenos Aires, Argentina - Sputnik International
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The US District Court of Appeals in Manhattan has affirmed a judge’s ruling to lift an injunction that has barred Argentina from repaying its creditors, The Financial Times reports.

MEXICO CITY (Sputnik) – Argentina can now raise as much as $15 billion to pay the creditors, including Elliott Management’s NML Capital and Aurelius Capital Management, the newspaper said on Wednesday.

Argentine President-elect Mauricio Macri speaks to the press at the Olivos presidential residence in Buenos Aires, where he arrived to meet outgoing president Cristina Fernandez de Kirchner to define the transition, on November 24, 2015 - Sputnik International
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Most of Argentina's creditors agreed to debt restructuring conducted in 2005 and 2010. Some, including Aurelius Capital Management and NML Capital, refused to accept the deal, prompting US District Judge Thomas Griesa to freeze Argentina's ability to transfer funds to restructured bondholders until it pays the holdouts in the restructuring.

The ruling forced Argentina into its second default in 13 years.

Argentina previously reached agreements with some holdout creditors that own over $8 billion of the total $11.5 billion debt held by creditors who wanted better repayment terms.

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