Argentina Refuses to Pay U.S. Debts

    Argentinian President Cristina Kirchner looks on during a joint press conference with the French president at the presidential Elysee Palace in Paris on March 19, 2014. AFP PHOTO/JACQUES DEMARTHON        (Photo credit should read JACQUES DEMARTHON/AFP/Getty Images)

    Jacques Demarthon/AFP/Getty

    The Argentine word for “debt” is apparently “extortion.” Argentina was ordered to repay more than $1  billion after a lengthy dispute in the U.S. courts. The Supreme Court now says the country must cough up $1.33 billion to its creditors by June 30 or face default. President Cristina Fernández de Kirchner, however, said her country would not obey the ruling. “What I cannot do as president is submit the country to such extortion,” she said. “It’s our obligation to take responsibility for paying our creditors, but not to become the victims of extortion by speculators.” Argentina owes the hedge fund NML Capital $1.5 billion, and the Supreme Court said it should be paid within the next two weeks. The justices also ruled that creditors have the right to seek Argentina’s hidden assets around the world

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