Argentina v. the Hedge Funds

sentinelblog

Source: Consortiumnews.com, by Andrés Cala, September 2014

Exclusive: A battle between Argentina and U.S. hedge funds, which gambled on the country’s defaulted bonds, is raising questions about how far U.S. courts can go in requiring governments to pay and whether developing nations can defy the U.S.-dominated financial system, reports Andrés Cala.

On Wednesday morning, readers of major American newspapers, including the New York Times and Washington Post, were greeted by full-page ads decrying Argentina as “A Model of Unsoundness” and accusing President Cristina Kirchner of “disregard for U.S. courts and Argentina’s refusal to pay its debts.” The ad was sponsored by a group called American Task Force Argentina.

If the broadside was perplexing to some readers, it’s because the referenced dispute relates to a complex legal case in which a group of U.S. hedge funds rejected a plan by which Argentina restructured its debt after its default in 2001, an arrangement that…

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