he United States Supreme Court issued a ruling on 16 June 2014 declining to hear Argentina's appeal against a lower New York court decision that had ordered it to pay suing hedge funds $1.33 billion, which is principal plus interest for holdout bonds. This was followed shortly by another decision by the Supreme Court to order the relevant financial institutions of the United States of America to turn over information to these hedge funds about assets that Argentina holds worldwide, including accounts held by entities of the Government of Argentina and by individual officials1. These two rulings targeted at Argentina's 2005 and 2010 debt swaps, in the wake of its catastrophic 2001-2002 default on $100 billion bonds governed by New York law, resonate well beyond the borders of Argentina and the United States. The rulings are a resounding victory for the specific hedge funds that have held out on Argentine debt swaps. They also open the door for other "vulture" funds and holdout investors to come forward to request full payment on Argentine bonds, estimated at around $15 billion. If Argentina pays the holdout bond holders, it must extend full payment to the bond holders that accepted the 2005 or 2010 debt swaps, due to a "Rights upon Future Offers" clause in its law. This would amount to an estimated cost of over US$120 billion2. In fact, the rulings could open floodgates to other similar cases depending on interpretations given by courts under New York law, British law or other laws. Copycats will abound.