Argentina to make debt case before U.N.

The stakes are high as an Argentine delegation, including Foreign Affairs Minister Hector Timerman, arrive at New York's JFK airport amid a long-running fight over paying back bond investors.

Economy minister Axel Kicilloff is also here, updating the United Nations on the legal battle with hedge funds who want to be made whole on investments following Argentina's two debt restructurings, following loan defaults between 2001 and 2002. The group of investors opted out of the debt restructurings and won a court case awarding them $1.33 billion due June 30th.

But Argentina has refused to pay and faces a technical default next week and an actual default at the end of July if a deal is not reached.

Kicilloff will meet with lawyers battling on behalf of his government, according to a source, but it's not yet clear if he will meet with disgruntled investors.