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Argentina has nine days to pay Paul Singer—or does it? Sure, a second default in 13 years will probably keep the country from tapping the international debt markets until President Cristina Kirchner’s son Máximo follows father and mother into the Casa Rosada in nine to 13 years or so. But who needs to make good on one’s commitments when one can just loudly proclaim that one has done so without actually doing so and then call on Xi Jinping and Vladimir Putin for a bailout?
The embattled country is looking to Russia and China in what appears to be an attempt to snub the US courts and “vulture funds” like Singer’s that demand Argentina repay its debt in full….
Kirchner bragged about the new international cooperation on Twitter over the weekend. Most significantly, Argentina is close to inking an $11 billion currency swap deal with China to bolster the dwindling currency reserves it uses to pay creditors and support the Argentine peso.
Ha ha ha pay creditors. But wait: Perhaps a strongly-worded letter from Dan Loeb will succeed where years of intransigence, adverse court decisions, ship-seizings and the prospect of another debilitating default in the midst of an economic downturn have failed? Well, that and the expiration of the rights against future offerings clause at the end of the year might do it.
Dan Loeb’s Third Point LLC renewed a bet on Argentine government debt, wagering the country will reach a deal with creditors to resolve claims from its 2001 default by the end of the year….
“We are in the midst of a critical inflection period for the country: if the government settles with its hold-out creditors, Argentina will regain access to global capital markets,” Third Point wrote in the letter.