Thousands of scrapped taxis are pictured at a yard in the center of China's Chongqing city on March 4. Traffic congestion and pollution have worsened dramatically in Chinese cities as the country's long-running economic expansion has allowed increasing numbers of consumers to make big-ticket purchases such as cars. China may surpass the US this year to become the largest car market in the world. AFP/Newscom
US District Judge Thomas P. Griesa said Argentina's repeated efforts to avoid paying US bondholders was illegal conduct that could no longer be ignored.
ByLarry Neumeister, Associated Press
A judge, calling civil contempt a rarity, ruled that Argentina was in contempt of court on Monday for its open defiance of his orders requiring that US hedge funds holding Argentine bonds be paid the roughly $1.5 billion they are owed if the majority of the South American nation's bondholders are paid interest on their bonds.