Argentina has missed a deadline for repaying its debts after a U.S. Supreme Court ruling put it on track for a possible default. Last month, the court sided with U.S. hedge funds who purchased Argentina’s debt for bargain prices after its financial crisis and then refused to cut the value of their holdings, as most other creditors did. A U.S. judge then barred Argentina from repaying the majority of its creditors without also repaying the so-called “vulture funds,” which are led by billionaire Paul Singer’s NML Capital. The Organization of American States will hold an emergency meeting on the crisis this week after it was requested by Argentine representative Julio César Ayala.

Julio César Ayala: “There is no international legal precedence for the restructuring of sovereign debt. Today, Argentina is under siege. However, any country that may face a future debt restructuring could be in the same dilemma. Even if 99.9 percent of voluntary compliance with the debt exchange, the 0.01 percent of bondholders would be in the position to invalidate the entire restructuring.”