Argentina sues US at Int'l Court of Justice over its sovereign debt

http://www.cnbc.com/id/101884093#.

Argentina on Thursday asked the world court in The Hague to launch proceedings against the United States over Argentine sovereign debt, the latest move in the South American country's long-standing dispute with holdout creditors.

A statement issued by the International Court of Justice, the U.N.'s highest court for disputes between nations, said the request had been "transmitted to the U.S. Government. However, no action will be taken in the proceedings unless and until" Washington accepts the court's jurisdiction.

Argentina said in its application to the court that the United States had "committed violations of Argentine sovereignty and immunities and other related violations as a result of judicial decisions adopted by U.S. tribunals."
Last week the International Swaps and Derivatives Association (ISDA) declared Argentina in default, determining that a "failure to pay" event had occurred on contracts in July.


Argentina has been engaged with a group of creditors in US court over the payment of its sovereign debts. The judge in the case said last week that a settlement is the "only avenue" for the disagreement to be resolved.