Argentina's Economy Minister Axel Kicillof is warning the U.N. that his country is on the brink.
He says Argentina is being pushed toward a new default after a U.S. Supreme Court decision favored holdout creditors seeking payment on bonds it defaulted on in 2001-2002.
(SOUNDBITE) (Spanish) AXEL KICILLOF, ECONOMY MINISTER, ARGENTINA, SAYING:
"Probably this is going to push us into a technical default. Whatever way you look at it, this ruling is forcing Argentina towards the risk of economic crisis. It's pushing out people into the situation of a debt that was the double we had in 2001."
Argentine officials have said the country will not pay these investors, arguing it could face potential demands for up to $15 billion from others not involved with the case - an amount representing more than half of the government's $28.5 billion in foreign currency reserves.
(SOUNDBITE) (Spanish) AXEL KICILLOF, ECONOMY MINISTER, ARGENTINA, SAYING:
