Argentina plans to pay its foreign-currency bonds locally to sidestep a U.S. court ruling that blocked payments last month, causing the nation to default. The government is submitting a bill to Congress that seeks to let overseas debt holders swap into new bonds governed by local law. Congress has not yet approved the bill, but Alejo Czerwonko, emerging markets strategist at UBS, says the bill's real obstacle lies in its implementation. He says it will be extremely difficult to implement as help would be needed from U.S. financial intermediaries that could be held in contempt of U.S. courts. Going forward, Czerwonko also explains how difficult it will be for Argentina to issue debt again in the U.S.

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