Supreme Court meets to discuss Argentina debt case

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Associated Press

Posted on June 11, 2014 at 8:10 PM

Updated Wednesday, Jun 11 at 8:33 PM

BUENOS AIRES, Argentina (AP) — The U.S. Supreme Court is meeting privately Thursday to determine how to respond to Argentina's appeal of lower court decisions ordering it to repay more than $1.3 billion in defaulted bonds.

U.S. lower courts have ordered Argentina to pay that amount plus interest to hedge funds that bought up some of the debt left unpaid when the Argentine economy crashed in 2001-02 and went to court seeking payment in full. Holders of 92 percent of the debt agreed long ago to accept bonds of lesser value in exchange for regular debt payments.

The justices aren't expected to announce their decision until next week.

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