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Argentina to appeal NY debt ruling, warns of calamitous consequences for nations in crisis

Argentina is refusing to budge in its billion-dollar debt showdown in New York federal court, preparing an appeal Monday that it hopes will stave off another devastating default.

Judge Thomas Griesa has ordered Argentina to pay $1.3 billion to so-called "vulture funds" by Dec. 15, or risk defaulting on $20 billion in restructured debt.

Economy Minister Hernan Lorenzino said Argentina will argue on appeal that the ruling endangers the U.S. financial system as well as the ability of any government to rescue its people from economic crisis.

These arguments were already made by the U.S. Federal Reserve, the Clearing House trade group of commercial banks and other interests holding $20 billion in restructured Argentine debt, and Griesa dismissed them. Now Argentina is counting on a long-shot appeal.