A London court ruled on Thursday that Argentina, having lost a lawsuit launched by four hedge funds over euro-denominated securities, must pay over 310 million euros ($336 million) in escrow in order to file an appeal.
Under Heavy Debt
Permission to appeal against a 2023 verdict that left the South American republic with a 1.56 billion euro bill was granted in January, provided Argentina paid the amount into court while the case was pending.
Argentina, whose economy is already collapsing under heavy debt loads, over 200% inflation, and several capital controls to save the currency, welcomed the approval.
High Risk
Argentina’s lawyers, however, argued that it should not be required to pay hundreds of millions of dollars to be able to pursue its appeal.
Source- Forbes
Argentina must pay little under 310 million euros, or around 20% of the entire cost, according to a ruling made on Thursday by Judge Stephen Phillips in order to file an appeal.
He wrote in his finding that “there is a very high risk that the republic will find the funds to appeal both to this court and, if permitted, to the Supreme Court, but will not pay the judgment if unsuccessful” .
