The Economy Ministry building is seen in Buenos Aires June 18, 2014. REUTERS/Enrique Marcarian
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Argentina threatened to default on its debt Wednesday when the government called it "impossible" to pay a bond service due June 30, citing a U.S. court decision earlier in the day that increased pressure on the economically ailing country.Buenos Aires is locked in a 12-year legal fight with creditors who refused to participate in two restructurings that followed Argentina's 2002 default on $100 billion in bonds.The U.S. Supreme Court Monday declined to hear an appeal by Argentina in its battle against the hedge funds that refused to take part in restructurings offered in 2005 and 2010 .It said it remained willing to pay holders of its revamped debt but for the fact that the holdouts would have to be paid at the same time, something Argentina says it cannot afford to do.Earlier Wednesday, a lawyer for Argentina said in Manhattan federal court that Argentine officials would seek next week to negotiate for the first time with the holdouts.Economy Minister Axel Kicillof Tuesday floated the idea of Argentina swapping its bonds governed by New York law for those under local jurisdiction as a way out of the bind.
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