Hedge fund at center of Argentina battle urges settlement-CNBC
Oct 8 (Reuters) - A hedge fund manager at the center of Argentina's battle over its 2002 debt default told CNBC on Tuesday that a settlement would boost foreign investment in the country.
Jay Newman, senior portfolio manager at Elliott Management, one of the primary hedge funds fighting Argentina's decision to restructure its bond investments, said: "We don't think a default makes any sense."
Elliott and other hedge funds have been in a fight with the South American nation for years, demanding full repayment of original debt of about $1.3 billion. Resolution may not come for at least a year.
On Monday, the U.S. Supreme Court declined to hear Argentina's appeal of a lower court decision ordering the country to pay those funds 100 cents on the dollar for the defaulted paper they hold.
(Reporting by David Gaffen; Editing by James Dalgleish)