Hedge Funds

Elliott Ready To Be Friends With Argentina

Elliott Associates has had its fun with Argentina, seizing its warships and suing it around the world and winning just about every important legal battle it has fought with the uniquely recalcitrant debtor over the latter’s 2001 default.

The thing is, though, Elliott can keep on winning those legal battles and it won’t matter a damn, because a uniquely recalcitrant debtor and a great disregarder of the rule of law Argentina may be, but it is also a sovereign country which no U.S. court can force to actually pony up the $1.3 billion it owes to Elliott and other hedge funds, especially if it’s actually willing to default again to avoid paying the “vultures.”

Well, now, while Elliott may have pushed Argentina to the brink of said re-default—it may not be eight days away from one like some countries whose courts keep interfering in its sovereign business, but it’s still seen as the most likely in the world to actually default—it doesn’t actually want to see that happen (because it means it will never see one red centavo of that $1.3 billion). So, with chief antagonist President Cristina Kirchner recovering from brain surgery, Elliott thought that now would be a good time to extend its first olive branch.

A hedge fund manager at the center of Argentina’s battle over its 2002 debt default told CNBC on Tuesday that a settlement would boost foreign investment in the country.

Jay Newman, senior portfolio manager at Elliott Management, one of the primary hedge funds fighting Argentina’s decision to restructure its bond investments, said: “We don’t think a default makes any sense.”

Hedge fund at center of Argentina battle urges settlement-CNBC [CNBC via Reuters via CNBC]
Will Argentina ever restructure its debt? [CNBC video]

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4 Responses to “Elliott Ready To Be Friends With Argentina”

  1. pussy says:

    Shazar you toad. Matt has the option on animal porn. Lame…

  2. d craig says:

    One of the most powerful women in the world, she nationalized YPF… beat hedge fund billionaires at their own game… took over her husband's country, derives much of her personal wealth from hotels which are often empty…. has been accused of corruption, fraud, and harassment … and had her brain replaced…. does this scream Bond villain to anyone else?

  3. shaohsingleeakahealingshoes says:

    May have? lol. they stepped in under forced IMF Structural Adjustment Policy privatization of essential services to undermine the entire economic infrastructure and collapse productivity so they could steal the land, water, electricity and essential services and price them out of range, killed local food production by way of forced elimination of trade tariffs and mandatory crops ratios, and then imported staple foods to destroy the local farmers and food production industries.

  4. shaohsingleeakahealingshoes says:

    meanwhile, everything is pegged to the US dollar, pricing even a simple glass of water out of range, and then when new government who didn't agree to slit Argentinas throat for a few bucks shuffled into an offshore bank, they want to complain that it's not fair that Argentina won't honor the debt? all the board members of corporations who made use of IMF saps to destabilize economies should be tried for crimes against humanity.meanwhile, you're trying to make it look like argentina actually has a debt. a contract signed under duress is null and void. period.