BUENOS AIRES (Reuters) – Argentina, which skipped on its debt once again in July in the middle of a decade-long legal fight with a team of UNITED STATE investment funds, welcomed on Sunday the introduction of a provision in a G20 top communique intended at assisting sovereign debt restructurings. The South American nation suggests that the procedure of reorganizing its financial obligation following its document 2002 default has been upended by a tiny number of scrap financial obligation professionals it says are willing to paralyze an economic climate in their quest of big profits. It skipped this year after an U.S. court ruled in favor of 2 U.S. hedge funds which purchased Argentine financial obligation on the inexpensive, rejected the terms of bond swaps in 2005 as well as 2010 and afterwards took legal action against the government for complete payment. In making his original judgment, the court, Thomas Griesa, cited the “pari passu” equivalent procedure provision for financial institutions. He disallowed Argentina from servicing financial obligation had by the 92.5 percent of financiers who accepted losses till it cleared up with the united state companies. Argentina denigrates the funds as “vultures”. In Brisbane, Argentine Economic situation Minister Axel Kicillof welcomed the final G20 statement, which acknowledged the need to reinforce the “orderliness as well as predictability” of sovereign restructurings, and also the difficulties of lawsuits to the process. “We are exceptionally completely satisfied”, Kicillof claimed in comments published on the government’s YouTube page. “Argentina denounced the activities of vulture funds and this is something that ought to be occupied by the leaders of nations because the honest truth is that limiting the reach of speculators … have to be a constant worry of the G20.” In October, the International Monetary Fund (IMF) prompted a rethink of exactly how sovereign bonds ought to be structured to stay away from future financial obligation restructurings developing into a repeat of Argentina’s disruptive court fight with a few unhappy lenders. The IMF asked for more robust so-called cumulative activity clauses– aimed at making restructuring contracts expecteding on all bondholders– to remove the danger of some financiers avoiding financial obligation exercises as well as taking lawful activity for several years to press cash from the debtor. The G20 asked for the addition of strengthened pari passu and collective activity provisions in global sovereign bonds. (Reporting by Richard Lough; Editing by Mark Potter)National politics & & GovernmentBudget, Tax & & EconomyArgentinasovereign financial obligation