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Argentina asks US Supreme Court to overturn debt ruling, stop 'economic catastrophe'

BUENOS AIRES, Argentina - Argentina filed a long-shot appeal to the U.S. Supreme Court on Tuesday asking the justices in Washington to avert an "economic catastrophe" by overturning lower court rulings that could force the South American government to default on billions of dollars in debts. Making Argentina pay cash in full to investors who didn't accept bond swaps in exchange for defaulted debt could destabilize the global economy by making other voluntary debt restructurings "substantially more difficult, if not impossible," the petition said.

Argentina appeals bonds case to US Supreme Court

Argentina said Tuesday it had appealed to the US Supreme Court against a lower court order to pay off hedge fund investors in its bonds, arguing that order violated its sovereignty. Taking its two-year battle against the investors, which it calls "vulture funds," to the highest US court, Buenos Aires said the lower court was wrong in trying to force the country to pay them out of reserves it says are immune from such orders.

Large number of personal debtors use workout program in 2013

SEOUL, Feb. 18 (Yonhap) -- South Korean banks cut interest rates, rescheduled repayments or extended the grace period for interest payments for personal debts amounting to 12.6 trillion won (US$11.9 billion) last year, data showed on Tuesday. The debt is equivalent to 2.6 percent of the total 379.6 trillion won in loans extended by banks, according to the data compiled by the Financial Supervisory Service (FSS).

Ontario wants to deny new licences for Cash Store following court judgement

TORONTO - Ontario's Registrar of Payday Loans says it wants to deny new licences to Cash Store Financial Services Inc. (TSX:CSF), saying its decision is based on past conduct by the Edmonton-based company. Under the provincial PayDay Loans Act, the registrar can do this if there are reasonable grounds for belief that the applicant "will not carry on business in accordance with law and with integrity and honesty."

Finance ministry to intensify monitoring of debt

SEJONG, Feb. 13 (Yonhap) -- South Korea's finance ministry said Thursday that it will step up its monitoring of large debts owed by households, companies and public organizations amid external risks including the U.S. tapering of its stimulus program. In a report submitted to the National Assembly, the ministry added that it will induce a "soft landing" by improving the overall structure of household debt and helping people in poverty pay back their loans.

Republicans may call first debt limit vote Wednesday

The US House of Representatives may hold a vote Wednesday on the debt ceiling, according to several Republican lawmakers, as the February 27 deadline before a potential US default looms. House Republicans Monday met behind closed doors to discuss a proposal that would permit the US Treasury to continue borrowing until the end of March next year, according to several congressmen who spoke to reporters.

US consumers boost borrowing $18.8 billion in December, biggest gain in 10 months

WASHINGTON - Consumers boosted their borrowing in December by the largest amount in 10 months as demand for auto, student and credit card loans showed big gains. The Federal Reserve says consumer borrowing rose $18.8 billion in December, the biggest increase since February. The category that includes auto and student loans increased the most, rising $13.8 billion. Credit card debt, which has been lagging, rose by $5 billion. That was the largest jump since May.

IMF urges US to lift debt cap promptly to cut uncertainty

The International Monetary Fund said Thursday that the United States should strengthen economic confidence by promptly increasing its debt ceiling, as a fresh battle looms in Congress over the issue. "It's essential to reduce uncertainty by raising the debt limit promptly and in a durable manner," said IMF spokesman Gerry Rice. "The US economy has a lot of things going in its favor right now," Rice said, pointing to strengthening growth and job creation, and agreement on a new budget.

U.S. to pay highest cost for one-month debt since October

NEW YORK (Reuters) - The U.S. government on Tuesday sold $8 billion in one-month Treasury bills at the highest interest rate since mid-October on worries it will not able to increase its $16.7 trillion borrowing limit by early March. In a similar scenario less than four months ago, growing risk that Uncle Sam might delay its payments on its debt obligation drove T-bill rates to their highest levels since the global financial crisis.

Student loan borrowers get relief from small lenders

By Liz Weston LOS ANGELES (Reuters) - Student loan borrowers who feel trapped by high-rate private loans finally have more options to refinance their debt, but not everyone will be able to find relief.
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