Argentina lost an appeal in London to annul a fine of US$1.7 billion

Argentina lost an appeal on Wednesday before a London court to annul a ruling that left the country facing a bill of 1.56 billion euros ($1.67 billion) for securities linked to GDP.

Four investment funds, which owned around 48% of the securities issued between 2005 and 2010, sued Argentina in 2019 and the London High Court ruled in their favor last year.leaving the country on the hook for 1,330 million euros plus interest.

The country filed an appeal last month. However, the London Court of Appeal rejected Argentina’s appeal in a written ruling on Wednesday.