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Argentine bonds fell, deepening a selloff since the country lost a bid to reverse a U.S. court ruling that it must pay holders of defaulted notes in full, as investors doubted the nation can skirt the order and avoid default with a plan to shift overseas debt to the local market.

The proposal last night by Economy Minister Axel Kicillof to swap securities subject to New York laws into local debt is technically difficult and of limited appeal for many holders of the restructured notes, analysts at Credit Suisse Group AG, Citigroup Inc., and Jefferies Group LLC said in reports.

“It is difficult to imagine any financial intermediaries or even legal advisories willing to take the risk of being perceived as violating a U.S. Court order,” Citigroup’s Guillermo Mondino and Jeffrey Williams wrote. “A significant number of market participants may have to either sell their holdings or hold on to a bond that might enter technical default.”

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