Mediator: Nixing court orders speeded Argentina settlements

AP News
|
Posted: Apr 15, 2016 5:31 PM

NEW YORK (AP) — A court-appointed mediator says an appeals court ruling has speeded settlements between Argentina and bondholders.

Mediator Daniel Pollack says a judge may lift orders as early as next Thursday or Friday that have isolated Argentina from global financial markets for years.

The 2nd U.S. Circuit Court of Appeals in New York ruled this week that a judge was right to agree to lift orders that stood in the way of more than $8 billion in settlements Argentina has reached with U.S. hedge funds and others since January.

The appeals court explained its ruling in a written decision Friday.

With the election of a new president, Argentina began settling claims rather than fighting them in the courts. Troubles arose after Argentina defaulted on $100 billion in bonds in 2001.

___

This story has been corrected to show Argentina defaulted on $100 billion in bonds, not $100 million.