Argentina Threatens to Default

After the U.S. Supreme Court declined an appeal by Argentina in its fight against hedge funds refusing to restructure its payments, things have only gotten worse for the financially troubled country. The multiple rulings against Argentina “make it impossible to make the next payment” Argentina’s economy ministry said late Wednesday. Basically, Argentina now has to pay both the holders of restructured bonds as well as the hedge funds, which may total as much as $15 billion, or more than half the country’s reserves.