Argentina’s CDS

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Argentina’s debt case: Reading the tea leaves

MADRID | By Luis Martí | You’ll probably know by now that the Court has turned down the Argentinian request to hear an appeal of a lower court decision. The decision established that the unwillingness of Argentina to pay defaulted holdouts, while duly servicing restructured debt, violated the spirit of the pari passu clause. Well, there’s a lot to be said for this interpretation, and a lot against.