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United Nations trade agency said on Wednesday that the recent U.S. court ruling on Argentina’s debt erodes sovereign immunity and is not in compliance with the country’s own U.S. Foreign Sovereign Immunities Act. It said in a statement, the rulings “set legal precedents which could have profound consequences for the international financial system”. Circuit Court of Appeals ruled last week that Argentina cannot continue to pay creditors who agreed to restructure their bonds after its 2001-02 default on $100 billion in debt unless it also pays $1.33 billion to the holdouts demanding full payment.



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