Supreme Court Defers Argentina Decision

Oct 2 2013 | 10:26am ET

Argentina will have to wait a little longer to learn if the U.S. Supreme Court will weigh in on its fight with hedge fund holdouts from its 2001 sovereign debt default.

The high court on Monday took no action on Argentina's case, it announced yesterday. The justices did take eight other cases.

The court could make a decision on Argentina's writ of certiorari on Monday, or could punt again. The U.S. federal government shutdown could begin to affect the Supreme Court's operations on Friday, it said on its Web site.

If the court chooses not to hear the case, lower-court rulings adverse to Argentina would stand, increasing the likelihood that the country would default on its debt again. Both the trial court and the Second Circuit Court of Appeals have ruled that Argentina must pay the defaulted bondholders, led by Elliott Management, if it wishes to continue paying the much larger number of creditors who accepted its debt exchange at a huge loss. Argentina has asked the Second Circuit to reconsider its decision.

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