The Central Bank of Argentina will not have to pay the country’s creditors from its reserves, a US court ruled on August 31, in the latest development of a saga that has run for nearly 15 years.

The Court of Appeals for the Second Circuit found the District Court for the Southern District of New York had “erred” when it ruled the central bank must pay creditors on the grounds of it being an “alter ego” of the government, with commercial activities in New York.

“Because both of the exceptions