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Argentina’s battle with investors who rejected its proposals to restructure debt risks pushing the nation into a new default that would wreck its attempts to return to credit markets but not have the same economic effect as its catastrophic 2001-02 default. The U.S. Supreme Court declined on Monday to hear Argentina’s appeal against lower court rulings that ordered it to pay in full the hedge funds which refused 2005 and 2010 debt swaps on $100 billion in debt.

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