A group of hedge funds bought up some of the defaulted debt and then tried to sue for the face value. They won. In an American court, which has no jurisdiction over Argentina... When the hedge funds and others demanded that the game be changed and they be paid in actual funds the government of Argentina said no. The irony is that they are perfectly right to say no because both the buyer and seller knew damn well that the bonds were not actually borrowing but instead a mechanism to dilute the currency.
Posted on: Wed, 25 Jun 2014 18:15:14 +0000
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