Argentina’s congress is beginning to consider a broad amendment to the country’s oil law as the government attempts to attract oil firms to its emerging shale formations, just after a US judge declared Argentina in contempt for failing to adhere to his orders on defaulted debt. Judge Thomas Griesa has not decided whether to impose sanctions as part of his contempt ruling, and Argentina is likely to ignore any monetary fines. But the ruling is a reminder that a long-running legal battle that pushed the country into default on 30 July is nowhere near its end.
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