All the large investors are already forming a judgment about the risk of the debt.

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The press's judgment is that last year's debt-ceiling fight was politically bad for both sides.

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The bankruptcy filing, two days before that deadline, listed the Mancillas' judgment as NHF's largest unsecured debt.

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Sources close to the matter also raised doubst that a judgment against Argentina, which could push the country into technical default, would render debt restructurings useless by incentivizing creditors to hold out.

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