Argentine Bond Swap Plan Violates U.S. Orders, Judge Says

The Argentine Economy Minister’s plan to exchange securities subject to New York laws into local debt would violate a U.S. court order, a judge said.

U.S. District Judge Thomas Griesa’s ruling today in Manhattan federal court follows the U.S. Supreme Court’s refusal to consider Argentina’s appeal of his decisions requiring the country to pay holders of defaulted bonds when it pays the holders of its restructured debt.