# Argentina economic and legal developments > Live situation record from CLSTR: https://clstr.news/situations/argentina-economic-and-legal-developments > Updated: 2026-10-22T22:48:54.000Z. Sources: 56. Developments: 3. Argentina remains the world’s largest debtor to the International Monetary Fund (IMF), with an outstanding balance of $56.8 billion as of October 2026. This debt, representing approximately 8.2% of the country’s GDP, exceeds the combined debt of the next six largest debtors. In parallel, the Argentine government has secured significant legal victories. In New York, U.S. District Judge Loretta Preska has formally annulled the $16.1 billion judgment related to the 2012 expropriation of YPF. This decision follows a March 2026 ruling by the Second Circuit Court of Appeals, which determined that the lower court had incorrectly interpreted Argentine law. The appellate court found that Argentine expropriation legislation prevents third-party interference and that the company's bylaws did not constitute a bilateral contract enabling such claims. While the first instance of the YPF case is formally closed, litigation continues as the fund Burford Capital, representing former minority shareholders, has filed a petition for certiorari with the U.S. Supreme Court. The U.S. Supreme Court has granted the Argentine government and YPF a 30-day extension to respond to this petition. Originally due on November 2, the new deadline allows the state until December 2 to present its arguments. This procedural move does not indicate a decision on the merits of the case; the high court must still decide whether to review the appellate court's ruling. A definitive conclusion in favor of Argentina depends on whether the Supreme Court declines to hear the case, which would leave the annulment in place and prevent a massive payout that would have significantly impacted Argentina's central bank reserves. Additionally, Argentina’s Federal Chamber of Criminal Cassation upheld the dismissal of a criminal investigation into the 2018 $57 billion IMF loan agreement. ## Claims - Judge Loretta Preska formally annulled the $16.1 billion judgment against Argentina in the YPF case. (corroborated by 16 sources) - The YPF litigation originated from the 2012 expropriation of 51% of the company's shares. (corroborated by 16 sources) - The Second Circuit Court of Appeals revoked the conviction against Argentina in March 2026. (corroborated by 14 sources) - Burford Capital has requested the U.S. Supreme Court to review the decision regarding the YPF litigation. (corroborated by 11 sources) - The original amount claimed in the YPF litigation exceeded $16 billion. (corroborated by 11 sources) - The Second Circuit Court of Appeals found that Argentine law prevents third parties from interfering in the expropriation process. (corroborated by 10 sources) - The YPF case involved claims that the state failed to make a public tender offer to minority shareholders. (corroborated by 8 sources) - The Federal Chamber of Criminal Cassation upheld the dismissal of the case investigating the 2018 IMF loan. (corroborated by 6 sources) - Prosecutor General Raúl Omar Pleé stated that no concrete criminal hypothesis was substantiated after five years of investigation. (corroborated by 6 sources) - The investigation examined whether the 2018 IMF loan agreement was used to facilitate capital flight to the exterior. (corroborated by 6 sources) - Argentina requested a 30-day extension from the U.S. Supreme Court to respond to the plaintiffs. (corroborated by 3 sources) ## Timeline ### 2026-10-22: Argentina granted extension by U.S. Supreme Court in YPF litigation The U.S. Supreme Court granted Argentina until December 2 to respond to plaintiffs' appeals regarding the 2012 YPF expropriation lawsuit. 5 sources. https://clstr.news/cluster/argentina-granted-extension-by-us-supreme-court-in-ypf-litigation ### 2026-10-19: Argentina seeks more time in U.S. Supreme Court YPF litigation Argentina requested a 30-day extension from the U.S. Supreme Court to respond to Burford Capital's petition to review the YPF litigation after a lower court annulled a $16.1 billion judgment. 48 sources. https://clstr.news/cluster/arsat-former-head-indicted-after-usd-26-million-in-cash-seized ### 2026-10-17: Argentina leads global IMF debt with $56.8 billion outstanding Argentina is the largest debtor to the IMF, owing $56.8 billion, which is nearly four times the amount owed by Ukraine. 3 sources. https://clstr.news/cluster/argentina-leads-global-imf-debt-with-568-billion-outstanding --- Cite as: Argentina economic and legal developments. CLSTR, https://clstr.news/situations/argentina-economic-and-legal-developments