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Argentina, hedge funds set for N.Y. court hearing in bond dispute

NEW YORK (Reuters) - Lawyers for Argentina and for hedge funds that refused to take part in its debt restructuring after its catastrophic 2001-02 default are scheduled to appear in federal court in New York on Wednesday afternoon, two days after the U.S. Supreme Court declined to hear the country's appeal, a court official said.

U.S. District Judge Thomas Griesa, who has ordered Argentina to pay the holdout funds $1.33 billion, is set to preside over the hearing, which could be a last-ditch attempt by Argentina to negotiate a solution and avoid a possible default. The hearing is set for 2 P.M. EDT (1400 GMT).

(Reporting by Joseph Ax; Editing by Jeffrey Benkoe)