Argentina Loses German Top Court Case Over Bond Payments
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Argentina lost a ruling at Germany’s top civil court over 6,000 euros ($6,800) in interest payments on bonds it sold to investors in the European country that don’t have terms that allow for restructuring by a majority vote of creditors.
The Federal Court of Justice rejected Argentina’s argument that international law allows countries that default to withhold payments on all of its bonds if it reaches an agreement with most creditors, Presiding Judge Hans-Ulrich Joeres said at a hearing in Karlsruhe, Germany, on Tuesday.