MOSCOW, September 11 (RAPSI) – The lower house of Argentina’s parliament has approved the transfer of the sovereign debt payment venue from New York to Buenos Aires or, whenever necessary, Paris, according to the Thursday report by Telesur TV channel.

The decision was taken after a US court blocked $590 million transferred to the Argentinian branches of US banks in payment of the country’s restructured debt.

The US court explained that Argentina was to negotiate debt restructuring with the creditors who refuse to participate in a debt swap and the timeframe for postponing debt repayment with the other creditors. In response, the Argentinian government said it would consider making debt payments via local banks.

Argentina’s debt crisis came to a head after the US Supreme Court ruled that Argentina must repay $1.33 billion to its security holders, mainly New York-based “hold out” hedge funds, who rejected the proposed restructuring terms. Argentina managed to restructure 93% of its debt, but the holders of the remaining 7% initiated a lawsuit, demanding full payment.