NY appeals court stays Argentina debt ruling

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by Associated Press

kvue.com

Posted on November 28, 2012 at 7:48 PM

NEW YORK (AP) -- A federal appeals court in New York has given Argentina breathing room in its billion-dollar debt showdown, indefinitely suspending a lower court judge's ruling that threatened to push the country into default.

The one-page order by the 2nd U.S. Circuit Court of Appeals sets a Feb. 27 date for arguments in the case.

The appeals court on Wednesday stayed a ruling by Judge Thomas Griesa that ordered the government of President Cristina Fernandez to pay $1.3 billion into an escrow account by Dec. 15, even as it pursues its final appeals.

Fernandez had called the judge's ruling "judicial colonialism" and vowed to fight it.

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