Argentina will appeal the London High Court’s unfavorable ruling related to GDP-linked securities — if unsuccessful, the country faces a 1.33 billion-euro (US$1.46 billion) plus interest fine. Two sources with access to the case who asked not to be identified told the Herald that Argentina has to ask Judge Simon Picken, who issued today’s ruling, for permission to appeal. In the event that both the judge and the Chamber reject Argentina’s appeal requests, Argentina will have to pay US$1.46 billion, plus interest. During the restructuring negotiation process in 2005, Argentina offered new securities with a haircut of about 70% of the principal. In 2014, Argentina changed the formula to calculate its GDP using data from a 2004 census.

Source: Bueno Aires Herald April 06, 2023 11:25 UTC