A stalemate in the bitter dispute over Argentina’s bonds looks set to drag on, even after a ruling on Friday in an English court gave one side a small victory, the New York Times DealBook blog reported today. A New York federal judge has for months blocked Argentina from making payments on most of the bonds that is has issued in foreign markets, greatly frustrating investors who hold the bonds. Some of those bonds were issued under English law, which prompted investors who hold the debt to pursue their case at the England and Wales High Court, Chancery Division, in London. Judge David Richards, in his ruling, agreed with the investors’ assertion that 225 million euros ($257 million) set aside to pay the bonds is governed by English law. But the judge did not rule that the bank that handles the bond payments was free to pass the money to the bondholders.
