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China hopes for early settlement of Argentina debt case

2014-07-04 10:37 Xinhua Web Editor: Mo Hong'e

China on Thursday expressed hope for appropriate settlement of Argentina's debt case at an early date.

Chinese Foreign Ministry spokesman Hong Lei made the remarks in response to a question regarding a US court decision forcing Argentina to pay about 1.3 billion US dollars to a hedge fund.

The US Supreme Court on June 16 rejected Argentina's appeal against an order to pay at least 1.3 billion US dollars to hedge fund investors who refused to take part in a restructuring deal for debt on which Buenos Aires defaulted in 2001.

Hong said the Argentine government has taken positive measures in recent years to promote debt restructuring and seriously fulfilled its debt-servicing promise.

The country has made remarkable progress to this end, said the spokesman.

"We understand the Argentine government's concerns about the so-called 'vulture funds,' and hope the issue could be settled at an early date in order not to influence the country's economic and social development," he said.

Argentina defaulted on approximately 100 billion US dollars in debt in 2001-2002. Since then, it has restructured that debt in a deal accepted by more than 90 percent of the holders of those bonds.

The holdouts, however, have fought for more money and won a legal judgment in 2012 for 1.3 billion dollars.

Argentina's first payment is about 650 million dollars and is due in July.

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