A U.S. judge has denied a request by Argentina to delay repayment of $1.65 billion in debts to U.S. hedge funds led by top Republican donor Paul Singer’s NML Capital. Last week, the U.S. Supreme Court ruled in favor of the so-called “vulture funds,” who bought up Argentina’s debt at bargain rates after the country’s financial crisis. While 92 percent of Argentina’s creditors agreed to slash the value of their holdings following the country’s default, the hedge funds refused to do so. On Thursday, a U.S. judge refused to extend a Monday deadline for Argentina to pay the hedge funds, despite Argentina’s claim the payments could tank the economy. Argentina’s economy minister, Axel Kicillof, condemned the decision.

Axel Kicillof: “There is no doubt about the bias of the judge in favor of the vulture funds, nor their true intention, that of trying to bring the Republic of Argentina to default and ruining the 2005-to-2010 restructuring that was reached after lengthy negotiations and a consensus of 92.4 percent.”