U.S. judge calls Argentina debt swap plan ‘illegal’

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Cars and motorcycles are seen driving by the ICBC building in Buenos Aires' financial districtDistrict Judge Thomas Griesa on Thursday called Argentina’s proposed debt restructuring plan “illegal” but stopped short of holding the country in contempt, saying that would not help resolve the dispute that led to the nation’s second default in a dozen years. Griesa said proposed legislation announced on Tuesday by President Cristina Fernandez would violate orders he imposed favoring creditors who refused to accept restructured bonds following the country’s 2002 default on $100 billion in debt. Argentina missed a June interest payment after Griesa blocked payments owed to holders of debt issued under U.S.


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