Analysts project that Argentina would lose its case against its creditors in its case filed in US courts. This in effect would dismiss the support of fund managers such as BlackRock Inc to bolster the country's claims.

Investor demand for Argentina's overseas bond due by 2017, created under Argentinian law increased by 2.46 percentage points in the last week. On the other hand, debts crafted under New York law now are valued at 15.66%, triple the value in emerging market.

Arguments were heard during a court hearing appealing the decision of the US District Court ordering Argentina to pay debt holders from its US$95 billion default in 2001. The decision is a sign that the filed papers by fund managers BlackRock and Gramercy Funds Management LLC did not hold weight. The owners of these debt notes are the fund managers themselves. On the other hand, local debt notes have gained value as they remain unaffected by the American court decision.