Argentina lost big to a group of American “vulture” hedge funds in court last week, when the Supreme Court declined to reconsider an appeals court decision that the funds had the right to demand that the country make good on a bunch of old bonds they owned even though it long ago renegotiated the terms of that debt with most creditors. (For explanations of the case, see Felix Salmon in Foreign Affairs and Matt Levine at Bloomberg View.) Short-term, this represents a crisis for Argentina, which has until June 30 to either pay out or default. Over the long run, though, it may be a step toward removing such cases from unsympathetic American courts and letting countries like Argentina battle it out with creditors on friendlier turf.