Argentina offers to pay U.S. 'vulture' funds
Source: CNN
Argentina and a group of American hedge funds may soon end a 15-year battle.
Negotiating through a mediator, Argentina offered to pay six hedge funds that own the country's debt a total of $6.5 billion of the $9 billion it owes.
The hedge funds are referred to as "vultures" in Latin America because they buy bonds extremely cheaply, sue the countries for full repayment and often make a big profit once they're paid.
Two firms, Montreux Partners and Dart Management, agreed in principal to the terms of the deal Friday, according to the Argentine finance ministry. The firms could not be immediately reached for comment.
Read more: http://money.cnn.com/2016/02/05/news/economy/argentina-makes-official-offer-to-hedge-funds/
PoliticAverse
(26,366 posts)forest444
(5,902 posts)$6.5 billion for bonds that, between the six vulture funds, cost them no more than $300 mn on the secondary market. Only a corrupt, right-wing government like Macri's would willingly sell their country out like this.
And if they ultimately accept, no word from Kenneth Dart or Paul Singer as to whether they'd use the money to pay the billions in back taxes and TARP funds they owe U.S. taxpayers.
They'd rather keep it in the Caymans and give it to their GOP superpacs.
Nye Bevan
(25,406 posts)I Googled but didn't come up with anything.
Thanks in advance!
mpcamb
(2,875 posts)it's a year and a half old.
I had a recent one from a US paper a couple months back also showing who Paul Singer is and what he does to countries in crisis.