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Argentina defaulted on obligations

Argentina defaulted on $81 billion in obligations to investors in 2001 — the largest sovereign debt default in history. Rep. Brown notes that Argentina still owes investors more than $29 billion; $3 billion of this is owed to U.S. citizens. U.S. courts have ruled numerous times that Argentina cannot unilaterally repudiate its obligations and must pay Americans what they are owed, but Argentina has refused.


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