Fernandez says Argentina will not default on restructured debt

BUENOS AIRES Mon Jun 16, 2014 9:16pm EDT

Argentina's President Cristina Fernandez. REUTERS/Bruno Domingos

Argentina's President Cristina Fernandez.

Credit: Reuters/Bruno Domingos

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BUENOS AIRES (Reuters) - President Cristina Fernandez said on Monday that Argentina would honor its payments to holders of its restructured debt and so avoid a default despite suffering a setback in its long-running legal battle against "holdout" investors.

The U.S. Supreme Court earlier on Monday declined to hear Argentina’s appeal over its battle with hedge funds that refused to take part in its debt restructurings. The court's decision was unexpected and risks toppling Latin America's No 3 economy into a new default.

"We want to fulfil and honor our debt and we will do that ... I ordered the economy ministry to set up all the tools needed to make the payment to those who trusted in Argentina," Fernandez said in a televised speech, although she did not say how her government would do it.

(Reporting by Sarah Marsh and Eliana Raszewski; Editing by Kieran Murray)

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