This week Argentina struggled to use the byzantine global payments systems Euroclear and Clearstream to distribute money to bondholders in defiance of a US court ruling.
Clearstream confirmed on Monday that it had put a stay on ties with Citi Argentina after local markets authorities suspended Citi’s licences for its custody and brokerage businesses owing to the stand-off. Both Clearstream and Euroclear have already shut trading bridges on almost $10bn of Argentine bonds issued under local law.*
http://www.ft.com/intl/cms/s/0/aaf428da-d6f5-11e4-93cb-00144feab7de.html#axzz3W9hjrf7d