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The 2nd U.S. Circuit Court of Appeals turned away creditors who wanted to keep in place court-ordered protections, though Circuit Judge Christopher Droney said a lower-court judge should take steps to determine whether Argentina has met conditions he required be fulfilled before court orders against the republic are permanently lifted. The conditions include completing settlement payments.
A three-judge panel announced its decision after hearing oral arguments for more than an hour. It found a judge was within his rights to conclude that circumstances surrounding the decadelong court battle changed dramatically when Argentina's new president, Mauricio Macri, decided to let the nation negotiate deals with bondholders after he took office Dec. 10.
Since January, Argentina has reached agreements to pay more than $8 billion to creditors, mainly U.S. hedge funds.
Argentine Economy Minister Alfonso Prat-Gay, who is in New York ahead of Argentina's first international bond sale in more than a decade, said, "This is a step toward achieving normality and the kind of development that Argentina deserves."
His country is expected to sell up to $15 billion in bonds, and he said the holdout funds will be paid on April 22.
The creditors went to court in New York after Argentina in 2001 defaulted on $100 billion in bonds. Argentina invited all its bondholders to swap their bonds at steep discounts for new bonds in 2005 and 2010.
U.S. District Judge Thomas Griesa had issued orders banning Argentina from paying interest through U.S. banks to 93 percent of its bondholders, who agreed to exchange their bonds for new bonds worth 25 percent to 29 percent of their original value.
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