U.S. court authorizes Citigroup to process Argentine bond payments

Citigroup Inc has been authorized by a U.S. judge to process two Argentine debt payments, the bank said, which could ease tensions between the bank and the default-hit nation.

The U.S. bank, which acts as custodian of some Argentine bonds, has been embroiled in a court battle between the South American country and a group of New York-based hedge funds seeking full payment on their defaulted sovereign bonds.

U.S. District Judge Thomas Griesa had ruled that the hedge funds must be paid in full before any payments to the large majority of investors who accepted significant writedowns on their debt holdings.

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