The Phaserl



This was a situation of extortion,” said Kicillof. “We will not just sign anything that could lead to more external debt for Argentina… We will avoid it with all of our weapons.”

by Linette Lopez, Business Insider:

Argentina has defaulted. Argentine Finance Minister Axel Kicillof delivered the news to the world from Argentina’s consulate in New York City.

… The “vulture funds” are investors known collectively as NML Capital and led by hedge fund billionaire Paul Singer. They would not take haircuts on debt dating back to Argentina’s last default in 2001 like over 90% of their fellow bond holders.

To Argentina that made them vultures, and you don’t pay vultures. Instead you sue them all the way up to the Supreme Court and lose.

What’s off about all this is that the $15 billion from RUFO is chump change compared to what the country might have to pay if it goes into default, though. Default opens the country up to “acceleration clause” claims — in which bondholders sue for all their money at once, and immediately — worth $29 billion. That’s everything in Argentina’s Central Bank.

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