Argentina is willing to take its debt fight with "holdout" bond investors to the US Supreme Court if necessary, Economy Minister Hernan Lorenzino has said.

This comes as financial markets fretted about a possible default ahead.

Stakes in the years-long legal battle were raised when New York federal judge Thomas Griesa earlier this week ordered Buenos Aires to immediately pay bondholders who shunned two exchanges of defaulted debt in 2005 and 2010.

Mr Lorenzino told reporters that the government will take the judge's ruling to the US Second Circuit Appeals Court in Manhattan on Monday.

Referring to the holdouts as "vultures" out to exploit the country's 2002 sovereign default, Mr Lorenzino told a news conference that Argentina was willing to appeal to the US Supreme Court "or whatever international body that might be necessary" to press its case.

"We don't believe that this was a fair decision, as Judge Griesa says it is, to pay the vulture funds. We believe that on the contrary, to do so is in some way at the expense of all those who did everything possible to make it so that Argentina today is in a position to pays its debt," said Mr Lorenzino.

"On Monday we are taking the ruling before the US Second Circuit Appeals Court in order to dismiss, or at least suspend, Mr Griesa's decision. That is the path we are going to take. If necessary, as I said, we are going to appeal every one of the decisions made that are contrary to the interests of Argentina, before the US Supreme Court, and before whatever available international body necessary," added Mr Lorenzino.

Fears of a looming default on Argentine bonds are sending all but the bravest investors to the exits after Mr Griesa's Wednesday ruling.

Argentina's president Cristina Fernandez had vowed her government will not pay "one dollar" to the holdouts.