Argentine bonds rally as U.S. ruling quells default fears

BUENOS AIRES Argentine bond prices rallied on Thursday after fears of an imminent debt default receded when a U.S. appeals court gave the country an unexpected reprieve in a legal battle with holdout creditors. The 2nd U.S. Circuit Court of Appeals' decision to grant an emergency stay order gives Argentina more time to fight a ruling favoring "holdout" investors who rejected two restructurings of defaulted bonds to fight for full repayment in the courts. It delays a ruling on whether Argentina will have to pay $ 1.33 billion to the holdouts until late February at the earliest, quelling investor fears [...]