Argentina asks top US Court to stop 'catastrophe'

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Associated Press

Posted on February 18, 2014 at 10:02 PM

Updated Wednesday, Feb 19 at 2:04 AM

BUENOS AIRES, Argentina (AP) — Argentina has filed its long-shot appeal to the U.S. Supreme Court, seeking to avoid being forced to pay billions in cash to investors who didn't accept bond swaps in exchange for defaulted debt.

Argentina's lawyers say the justices can avert "economic catastrophe" by overturning the New York courts, which it says made serious legal errors that could harm U.S. interests and destabilize the global economy.

The appeal filed Tuesday says the lower court ruling threatens to make it much more difficult if not impossible for nations in crisis to restructure their debts.

Argentina's lawyers say the country would lose half its remaining central bank reserves if forced to pay bond holdouts immediately in cash.

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