U.S. backs Argentine stance on defaulted debt ruling

BUENOS AIRES (Reuters) - The U.S. government has backed Argentina in the latest legal battle over a 2002 default, arguing the nation should not have to pay "holdout" creditors when servicing debt held by investors who accepted a harsh restructuring, court documents show. Argentina declared a world-record sovereign default during an economic meltdown a decade ago. It faces numerous lawsuits in U.S. courts by creditors who spurned past government swap offers and have sued to recover the full value of the defaulted bonds. ...

Source: http://news.yahoo.com/u-backs-argentine-stance-defaulted-debt-ruling-020711438.html

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