The U.S. Supreme Court left intact rulings that may force Argentina to pay billions of dollars to holders of repudiated bonds, rejecting the country’s appeal in a case that has roiled financial markets and triggered threats of a new default.

Argentine dollar bonds plunged today after the justices turned away contentions that lower court rulings misread bond agreements and violated the country’s sovereign immunity. Along with a high court ruling on another case related to the 2001 default, the rebuff is a victory for a Paul Singer-controlled hedge fund and other defaulted debt holders who have refused to accept the government’s restructuring offer of about 30 cents on the dollar.


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