Now that Argentina has persuaded a majority of its debt holders to accept an offer of payment in the form of a new series of bonds, it has to work out what to do about those who have rejected that offer.
Investors with more than 15 billion euros worth of debt are holding out convinced they can get a better deal through the courts.
After the country’s President, Nestor Kirchner, announced the restructuring, his Economy Minister, Robert Lavagna, explained the benefits.
He said they have gone from owing the equivalent of 77 billion euros to 27 billion in new debt now. He added that means they have saved 50 billion euros.
But many bondholders are deeply unhappy about Argentina’s savings and a group of them are threatening to file a complaint with the World Bank’s International Centre for Settlement of Investment Disputes.