ARGENTINA, which defaulted on its debt again in July amidst a decade-long legal battle with a group of U.S. investment funds, welcomed late Sunday the inclusion of a clause in a G20 summit communique aimed at helping sovereign debt restructurings.

    The South American country argues that the process of restructuring its debt following its record 2002 default has been upended by a small number of junk debt experts it says are willing to cripple an economy in their pursuit of huge profits.

    It defaulted this year after a U.S. court ruled in favor of two U.S. hedge funds that bought Argentine debt on the cheap, rejected the terms of bond swaps in 2005 and 2010 and then sued the government for full repayment.

    In making his original judgment, the judge, Thomas Griesa, cited the “pari passu” equal treatment clause for creditors. He barred Argentina from servicing debt owned by the 92.5 percent of investors who accepted losses until it settled with the U.S. firms.

    Argentina denigrates the funds as “vultures.”(SD-Agencies)