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Argentina economy minister says the government has processed payment on its restructured bonds

Associated Press
Published | Updated
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Argentine Economic Minister Axel Kicillof speaks during a news conference at United Nations headquarters, Wednesday, June 25, 2014. The winners of a decade-long debt battle asked a U.S. judge on Tuesday to deny Argentina's request for more negotiating time to avoid a catastrophic default. (AP Photo/John Minchillo) (The Associated Press)

BUENOS AIRES, Argentina – Argentina's government has begun to process the next payment it owes on its restructured bonds.

Economy Minister Axel Kicillof said Thursday that Argentina has taken steps to pay $832 million owed by Monday to creditors who participated in debt swaps in 2005 and 2010.

A U.S. court is ordering Argentina to pay some $1.5 billion to a group of creditors who refused Argentina's debt swaps after the country went into default in 2001.

If Argentina does not pay the plaintiffs, the ruling bars from using the U.S. financial system to pay other bondholders.

Argentina's next installment to the majority of its creditors is due June 30, though the government has a 30-day grace period thereafter to avoid going into default.