Argentina is nearing its second debt default in 13 years. Soon, the International Swaps and Derivatives Association (ISDA) will make a ruling about whether Argentina officially "defaulted" on its debt.
The ruling determines whether the credit default swaps — essentially financial instruments bought as insurance against default — will pay out to those who bought them. An ISDA spokesperson told CNBC that about $1 billion in swaps on Argentina are outstanding. (If you're curious as to how that determination is made, here's a quick video explanation I did back in Jan. 2012 related to the Greece situation).