Argentina has, once again, defaulted on its national debt – this time to a total of $1.3 b. The initial amount, renegotiated back in 2001, was for $81 b but a series of economic restructuring measures allowed for the owners of 93% of the defaulted debt to gain new national securities in lieu of their immediate holdings. The “hold-out” group of defaulted investors, who consist of hedge funds and retail investors, have filed a lawsuit with the New York City Second Court of Appeals for the aforementioned $1.3 b. Though Argentina intends to use its national reserves to fulfill its international debts, it is seeking a settlement of either “discount bonds, par bonds or a combination of the two” to finalize the debt. The plaintiffs in the court case are expected to reject this offer and pursue another avenue of collecting the defaulted funds. (April 5, 2013, The Economist; April 4, 2013, MercoPress)