A U.S. judge has ordered Argentina and investors who did not participate in the country's past debt restructurings to meet "continuously" with a court-appointed mediator until a settlement is reached, warning of the threat of a new default, Reuters reported yesterday. U.S. District Judge Thomas Griesa told Argentina, and lawyers for investors who declined to restructure their bonds after the country defaulted on about $100 billion in 2002, that time was running out to reach a deal and avert a fresh default. The parties were ordered to meet with a New York lawyer appointed to oversee settlement talks "continuously until a settlement is reached." A meeting is scheduled for 10 a.m. ET today. At Tuesday's hearing, Argentina renewed its request that the judge stay the enforcement of his orders. Judge Griesa said that this step was not necessary and that there are "ways to do something to avoid default."
