A U.S. appeals court on Tuesday refused to order Argentina to post a security deposit of at least $250 million while it seeks to overturn a lower court ruling that orders it to pay holdout investors $1.33 billion.

Holdout creditors have sought to force Argentina to deposit the money by December 10 while the country appeals last month's order by U.S. District Judge Thomas Griesa that it pay the creditors in full.

Argentina had won a reprieve last Wednesday when the U.S. Second Circuit Court of Appeals in New York said Argentina need not deposit $1.33 billion into the escrow account by December 15 to satisfy the holdout creditors' claims.