Argentina is asking a U.S. judge to lift an injunction that is preventing the government from borrowing in the international bond markets, an attempt to go around holders of its defaulted debt who rejected the country's recent settlement offer.

U.S. District Judge Thomas Griesa on Thursday ordered U.S. bondholders to explain by Feb. 18 why he should not comply with Argentina's request.

Argentina's request shows it is looking to take a more aggressive stance with holdout bondholders to end a 15-year stalemate that is keeping it from borrowing in the international capital markets.

The government last week offered bondholders a $6.5 billion settlement on the defaulted government debt, which is 75% of what creditors in the U.S. court say they are owed. Argentina says at least two U.S. bondholders have agreed to the terms, but other larger holders haven't.

Argentina defaulted on more than $80 billion of government debt in 2001, the largest sovereign default at the time.

Write to Julie Wernau at Julie.Wernau@wsj.com

 

(END) Dow Jones Newswires

February 12, 2016 11:35 ET (16:35 GMT)

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