July 24, 2013 / 1:05 AM / in 4 years

IMF withdraws plan to file with U.S. Supreme Court in Argentina case

WASHINGTON, July 23 (Reuters) - The International Monetary Fund no longer plans to ask the U.S. Supreme Court to review Argentina’s case in its decade-old legal battle with holdout creditors due to a lack of support from the U.S. government, the IMF said on Tuesday.

IMF Managing Director Christine Lagarde had planned to recommend that the IMF’s board approve a friend-of-court brief in support of the case by the end of this week. The board was set to discuss her recommendation on Tuesday.

The IMF, the Washington-based global lender, has said it was concerned about the serious repercussions a ruling against Argentina could have for countries that seek to restructure their debt and put financial calamity behind them.

The U.S. government, in prior briefs to lower courts, has agreed with that sentiment. But the United States on Friday said it will not file a brief asking the Supreme Court to review the case.

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