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From: hdl	11/22/2012 5:24:01 PM
	1 Recommendation Read Replies (1) of 3249

argentina Thu Nov 22, 2012 4:06pm EST By Juliana Castilla Nov 22 (Reuters) - Argentina is willing to take its debt fight with "holdout" bond investors to the U.S. Supreme Court if necessary, Economy Minister Hernan Lorenzino said as financial markets fretted about a possible default ahead. Stakes in the years-long legal battle were raised when New York federal judge Thomas Griesa on Wednesday ordered Buenos Aires to immediately pay sovereign bondholders who shunned two exchanges of defaulted debt in 2005 and 2010. Lorenzino told reporters that the government will take the judge's ruling to the U.S. Second Circuit Appeals Court in Manhattan on Monday. Referring to the holdouts as "vultures" out to exploit the country's 2002 sovereign default, Lorenzino told a news conference on Thursday that Argentina was willing to appeal to the U.S. Supreme Court "or whatever international body that might be necessary" to press its case. "To pay the vultures is not only unfair but illegal in terms of our internal rules," he said. "We will continue to defend the position of Argentina in all forums and with all available legal instruments." Fears of a looming default on Argentine bonds are sending all but the bravest investors to the exits after Griesa's late Wednesday ruling. Argentina's fiery left-leaning president, Cristina Fernandez, had vowed her government will not pay "one dollar" to the holdouts. Griesa's ruling cited threats by Argentina's leaders to defy his rulings in the decade-old dispute. "These threats of defiance cannot go unheeded," he wrote, ordering Argentina to pay $1.33 billion to holdouts such as Elliot Management Corp's NML and Aurelius Capital Management by Dec. 15. He said the less time Argentina was given "to devise means for evasion, the more assurance there is against such evasion."

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