Argentina to ask rehearing at Court of Appeals

Scales of justice

flickr-mikecogh

Argentina is scheduled to appear before the Court of Appeals to request a rehearing for the ongoing dispute against various investment companies. 

Following Argentina's debt default in 2001, most of the country's bondholders accepted a debt restructuring that saw them collect thirty percent of what they were originally owed. However, the remaining bondholders chose to tackle the problem through legal means in order to reclaim the full amount of the bonds they had previously acquired. 

Judge Griesa, overseeing the case between Argentina and its creditors, ruled that Argentina had not shown equal treatment towards its bondholders and was ordered to pay $1.330 billion by mid-December 2012. 

However, the Court of Appeals overruled Judge Griesa's decision, perhaps due to the fear that it would lead to another Argentine default. 

Creditors have launched their own appeal against the repeal of Judge Griesa's verdict. All parties are due to present their arguments in court.