Argentina to NY judge: Court orders drew $4.7B in new claims, creating 'impossible situation'

Associated Press

A lawyer for Argentina has told a New York judge that his orders have caused bondholders to demand $4.7 billion since June. The lawyer says that's created an "impossible situation" for the South American nation.

Attorney Carmine Boccuzzi says in a letter dated Thursday that 25 new lawsuits seeking the bond money have been filed against Argentina.

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He told Judge Thomas Griesa (grih-ZAY') the lawsuits were filed after the judge ordered Argentina to pay U.S. hedge funds in full. The bondholders bought Argentina bonds on the cheap after Argentina's 2001 default.

Boccuzzi says the U.S. hedge funds that are owed $1.5 billion and those who brought lawsuits since June are among the 8 percent of Argentina bondholders who refused to swap their bonds for lesser-valued bonds in 2005 and 2010.