Argentina bond battle enters new phase

BUENOS AIRES—Argentina's feud with a small group of creditors is poised to enter a critical phase. Argentina is on track to miss an interest payment on Monday, setting in motion a 30-day grace period for the country to make the payment and avoid its second default in 13 years. U.S. legal rulings bar Argentina from making payments to creditors that have accepted the country's debt restructurings since it defaulted in 2001, unless it also pays a group of hedge funds that have refused to sign off. Still, Argentine bonds are trading at levels that suggest investors believe a deal will be reached between Argentina and the so-called holdout creditors.

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