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.
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Argentina tries to pay bondholders via byzantine global payments systems
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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.*
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