With its peso currency at record lows, foreign reserves down more than 5 percent over the last year and vast shale oil and gas resources laying undeveloped in its southern Patagonia region, Argentina is desperate to tap foreign financing. But the debt case, which stems from Argentina’s default on nearly $100 billion in sovereign bonds 12 years ago, is blocking its access to the international bond market. “Today we are in the hands of an international financial power comprised of small, voracious interests that form a real international mafia,” Jorge Capitanich, the Cabinet chief and government spokesman, told reporters in Buenos Aires. Many Argentines side with their government against a group of hedge funds that rejected the country’s 2005 and 2010 debt restructurings in which holders received less than 30 cents on the dollar. Holdout funds led by Elliott Management Corp and Aurelius Capital Management bought Argentine bonds at a discount before and after the 2002 default and have pressed their demand for payment of 100 cents on the dollar in the U.S. courts. [Reuters]

7 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (7)

  1. Posted by Sonny | August 14, 2014 at 11:58 AM

    Italian American?

  2. Posted by RE: The title | August 14, 2014 at 12:33 PM

    That would be the most expedient solution for Argentina at this point.

  3. Posted by mr_blonde | August 14, 2014 at 1:55 PM

    I respect myself, understand, and cannot allow another man to hold me back. What happened was unavoidable. – "The Turk"

  4. Posted by Lewis Brasi | August 14, 2014 at 2:42 PM

    The old man had too much wine.

  5. Posted by W.Cicci | August 14, 2014 at 2:44 PM

    Yeah, a buffer. The family had a lot of buffers.

  6. Posted by Ad watcher | August 14, 2014 at 3:08 PM

    "74% of users can't pass the celebrity RACK quiz. Can YOU?"

    Challenge Accepted.

  7. Posted by It's full of stars | August 14, 2014 at 3:53 PM

    This site is a pale imitation of what it used to be. A monument to millennial's.