The SCOTUS blog reports the U.S. Supreme Court has declined to hear Argentina's appeal in a multi-million dollar bond case.
This was Argentina's last official means of avoiding have to pay a group of hedge funds who'd purchased Argentine debt more than a decade ago and refused to take a haircut. The country has warned it risks default if it is forced to pay the amount in full.
"This is the most negative scenario," BNP Paribas said. @Pawelmorski Tweeted the country's discount bonds immediately dropped eight points. The country has a payment due at the end of the month.
Argentina may now seek to settle with the hedge fund group, something it had sought to avoid.
The court order was issued without comment.
Read more: http://www.businessinsider.com/us-supreme-court-will-not-review-argentina-bond-cases-2014-6#ixzz34oP1wWXm
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