BUENOS AIRES--Argentina's federal government will continue to pay the bonds it issued to restructure debt the South American nation defaulted on more than a decade ago, Economy Minister Hernan Lorenzino said Wednesday.
Mr. Lorenzino said the administration of President Cristina Kirchner will "do everything that is necessary" to pay those bonds in the currency they were issued.
Argentina has restructured about 93% of the $100 billion in sovereign debt it defaulted on amid a deep economic crisis in 2001.
Investors who participated in the 2005 and 2010 debt swaps received about 33 cents on the dollar.
But some $4.5 billion are in the hands of investors who didn't exchange their defaulted bonds for new debt. For almost a decade, the so-called holdouts have pursued Argentina in courts around the globe.
Last week, a U.S. court barred Argentina from making payments to investors who accepted the country's restructuring offers unless it also pays so-called holdout investors.
Argentina has vowed to appeal the ruling. Mr. Lorenzino reiterated the government's long-standing policy of not paying "a single dollar" to those creditors.
"Argentina isn't going to change its position of not paying vulture funds. We will continue to follow that policy despite any ruling that could come out of any jurisdiction, in this case New York," he told reporters at the sidelines of a conference.
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Mr. Lorenzino said the administration of President Cristina Kirchner will "do everything that is necessary" to pay those bonds in the currency they were issued.
Argentina has restructured about 93% of the $100 billion in sovereign debt it defaulted on amid a deep economic crisis in 2001.
Investors who participated in the 2005 and 2010 debt swaps received about 33 cents on the dollar.
But some $4.5 billion are in the hands of investors who didn't exchange their defaulted bonds for new debt. For almost a decade, the so-called holdouts have pursued Argentina in courts around the globe.
Last week, a U.S. court barred Argentina from making payments to investors who accepted the country's restructuring offers unless it also pays so-called holdout investors.
Argentina has vowed to appeal the ruling. Mr. Lorenzino reiterated the government's long-standing policy of not paying "a single dollar" to those creditors.
"Argentina isn't going to change its position of not paying vulture funds. We will continue to follow that policy despite any ruling that could come out of any jurisdiction, in this case New York," he told reporters at the sidelines of a conference.
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