Argentina default fear over ruling

A US Supreme Court ruling may have serious implications for bond markets and for Irish debt, writes Kyran Fitzgerald.

The US Supreme Court has dealt a damaging blow to Argentina’s efforts to restructure its debts, raising the possibility of another sovereign default while casting doubts over the future of the bond markets.

In a ruling announced last week it handed an important victory to billionaire American investor, Paul Singer, who runs a hedge fund, Elliott Management, which specialises in the acquisition of the debt of deeply troubled sovereigns at knockdown prices.