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Argentina Economy Minister: “Who believes in the rating agencies?”

from Sovereign Man:

For the second time in the last fifteen or so odd years, Argentina has defaulted on its debt. And as we reported a few weeks ago, there was no easy way out.

Years ago, most of the creditors that Argentina had stiffed in 2001 agreed on a settlement; they accepted a much lower payment than they were actually owed, figuring that getting -some- money back was better than nothing.

But a handful of bondholders, known collectively as the ‘holdouts’, didn’t take the deal.

These were the people who, you know, actually wanted to get paid what they are obliged to receive.

This is the basic equation of credit. One person lends money. The other person borrows money. In any reasonable deal, the lender is supposed to have some sort of recourse to recover his/her capital when the borrower defaults.

Read More @ SovereignMan.com

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