Argentina received permission in January to appeal a 2023 ruling of 1.56 billion euros on condition that Argentina pays the deposit in court, pending the outcome of the case.
Argentina must pay almost 310 million euros (336 million dollars) in a deposit to be able to appeal an unfavorable ruling in a lawsuit brought by four hedge funds, linked to obligations in euros, a London court ruled on Thursday according to Reuters.
Argentina received permission in January to appeal a 2023 ruling of 1.56 billion euros on condition that Argentina pays the deposit in court, awaiting the outcome of the case.
The granting of the permit meant a a boost for Argentinaat a crucial moment of change of Government and new economic measures.
Argentina’s lawyers, however, argued that He should not be required to pay hundreds of millions of dollars to move forward with his appeal.
Judge Stephen Phillips ruled on Thursday that Argentina should pay just under 310 million euros, which represents approximately 20% of the total bill, to be able to appeal.
In a written ruling, Phillips stated thatthat “there is a very high risk that the Republic will find the funds to appeal both to this court and, if permitted, to the Supreme Court, but that he does not pay the sentence if he is not successful.
Phillips gave Argentina until April 5 to pay the sum.
Source: Ambito
