This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
New York • A federal judge in New York has ordered around-the-clock negotiations aimed at averting a second debt default by Argentina in 13 years.
Judge Thomas Griesa issued the order Tuesday.
The proceeding added to the drama surrounding a July 30 deadline for Argentina to pay some $1.5 billion owed U.S. bondholders.
The bondholders are U.S. hedge funds that rejected Argentina's restructuring offer following its record $100 billion default in 2001.
Griesa has blocked U.S. banks from letting Argentina pay the vast majority of its bondholders who accepted lower-valued bonds unless it pays the U.S. hedge funds.
Argentina's economy minister earlier this month participated in negotiations with a court-appointed mediator.
Plaintiffs in the court action are led by New York billionaire Paul Singer's NML Capital Ltd.