Argentina Faces $1.67 Billion Bill After Losing Appeal in London Court

Argentina lost an appeal in a London court to reverse a ruling that enforces a $1.67 billion bill over GDP-linked securities. Four hedge funds, holding about 48% of these securities issued between 2005 and 2010, sued Argentina in 2019. With its economy facing severe inflation, Argentina's appeal was rejected.

Argentina on Wednesday lost an appeal in a London court to reverse a ruling which left the South American nation facing a 1.56-billion-euro ($1.67 billion) bill over GDP-linked securities. Four hedge funds, holding around 48% of the securities issued between 2005 and 2010, sued Argentina in 2019 and London's High Court ruled in their favour last year – leaving Argentina on the hook for 1.33 billion euros plus interest.

The country brought an appeal last month, as its economy faces galloping annual inflation of nearly 300%, the highest in the world. However, the Court of Appeal in London rejected Argentina's appeal in a written ruling on Wednesday.