If Greece defaulted, the European Central Bank could probably no longer accept the debt as collateral.
The payment was due to the vast majority of Argentina's bondholders who accepted the debt restructuring deals in 2005 and 2010, wiping value off their holdings, and which the government wanted to honour.
The payment was due to over 93% of Argentina's bondholders who accepted the debt restructuring deals in 2005 and 2010, wiping out 70 cents on every dollar of their holdings, and which the government wanted to honour.
It is not clear whether she would seek to ease Argentina's access to world financial markets by reaching a deal with the holders of bonds (worth $20 billion at face value) who did not accept the debt restructuring.One big doubt is whether she will take the steps, eschewed by Mr Kirchner, needed to engineer a soft landing for the economy.
The deadline to accept the debt exchange offer is midnight Wednesday, but GM was said to be far from reaching the 90% hurdle.
That pari passu clause in effect means that Argentina must pay all bondholders and not just the ones who accepted the debt restructuring.
They found more favorable results in U.S. District Court in New York, where a federal judge found in rulings in 2011 and 2012 that Argentina violated its debt contracts and must pay more than $1.4 billion to the plaintiffs if it wishes to continue paying the bondholders who accepted the debt swaps and thus avoid another default.
"The plan is realizable, but it is contingent on management being able to sell the assets and being able to convince creditors to accept the debt-for-equity swap and that won't be easy because it is clear that the management will try to cancel most of the debt," said Andrea Paladini, an analyst with the Centrosim brokerage firm in Milan.
"To be frank, they are not only forced to give fresh money, but to give €82bn [£58bn], and are accepting the restructure of debt".
"I think that's dangerous because by doing that you are not accepting the gravity of the debt".
