|Argentina Credit Rating Nears 'Junk' Status|
|by Tom McGregor||Tue, Jun 17, 2014, 10:03 PM|
Argentina is refusing to pay off its American creditors, which could spiral the nation into default.
According to the BBC News, "The International Monetary Fund (IMF) has warned that Argentina's legal defeat in its fight against hedge fund investors may have wider implications."
President Cristina Frenandez de Kirchner remains adament that Argentina should not pay $1.2 billion to hedge fund investors who purchased Argentian bonds for cheap in expectation of receiving full value from Buenos Aires on a later date.
As reported by the BBC, "On Monday, a US Supreme Court ruling sided with bondholders demanding Argentina pay them $1.3bn (£766m). The IMF said it was concerned about "broader systemic implications."
Many vulture hedge fund investors on Wall Street are major donors to former Secretary of State Hillary Clinton.
To read the entire article from the BBC News, link here:
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