On February 29, 2016, Argentina reached an agreement with several U.S. hedge funds, settling a fifteen year legal struggle arising from the country’s financial collapse in 2001 when it defaulted on $100 billion in bonds. According to a news report, the deal will now be reviewed by Argentina’s Congress, which will have to adapt domestic laws before it can be implemented. One such change will affect a 2014 law, which allows the country to pay creditors with renegotiated debt despite a New York court order expressly prohibiting such arrangements. While many creditors agreed to renegotiate their debts, a few refused and brought suit in the U.S., succeeding on their claim that they should be paid before any renegotiated debt. This outcome brought about a global shift in how debt is issued and prompted many countries to restructure their contracts in order to avoid similar problems. Under the deal, Argentina will pay a total of $4.653 billion to settle claims, paying up to seventy-five percent of the full judgment value for some creditors.