Argentina Lobbies U.S. State Department As Judge Rules Contempt

U.S. Federal Judge Thomas Griesa yesterday took the unusual step of finding Argentina in contempt of court for defying his payment orders but fell short of becoming a creditor, holding off on specifying a fine. Judge Griesa had threatened a $50,000 fine for every day Argentina violated his orders.

Argentina's debt swap bill

Earlier this month the Argentine Congress passed a debt swap bill that allows it to pay 92 percent of the bond holders who agreed with the previous settlement through Argentine banks. Judge Griesa's previously ruled against paying 92 percent of Argentina's restructured bond-holders but not paying the "hold-out" hedge funds, labeling it "illegal."