This puts huge pressure on those who’ve not yet settled," he said. "February 29 is now a very critical date. If you sign on March 1, then you don’t have that leverage."

Because the Kirchner administration had appealed a question related to the injunctions, Griesa said he is unable to immediately vacate the injunctions. The judge said if the appeals court returns the case to him to allow him to do so, the injunctions will be automatically lifted as soon as Argentina repeals the laws and pays the settling investors by Feb. 29.

Henry Weisburg, an attorney at Shearman & Sterling LLP who has followed the bond litigation, said he expects the appeals court to act as soon as early next week.

"This puts huge pressure on those who’ve not yet settled," he said. "February 29 is now a very critical date. If you sign on March 1, then you don’t have that leverage."