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Paul Singer Having Some Fun With Argentina Again

Well, fun for Singer. Argentina, not so much.
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Now that he’s all but given up hope on Argentina ever seeing the light or the international debt markets again, the Elliott Management chief can resume one of his (and our) favorite hobbies: screwing around with them, because, really, why not? As with its foray into legal piracy, Singer’s latest—having a “private justice official” freeze an Argentine diplomatic account holding €52,001—is just as likely to get him €52,001 as 2012’s punking was to gain him an historic warship. Because even though the country doesn’t always have a government, Belgium does still have laws, somehow, including laws covering diplomatic immunity. Still, Cristina Kirchner’s ambassador in Brussels is gonna have to make due with leftovers for a few days, and it’s always fun to see Argentine officials get spitting mad, isn’t it?

Hedge funds suing Argentina over its defaulted debt have had some funds in the country's Belgian diplomatic bank accounts frozen in a bid to pressure a settlement in the dispute, a move Buenos Aires described as "attempted extortion" and illegitimate….

"The attempts to seize diplomatic accounts in Belgium have already failed more than once," the Economy Ministry said. "Diplomatic goods - like the bank accounts of an embassy - enjoy specific immunity in international law."

Argentina was "adopting the pertinent measures that the case requires for the litigants to stop their abusive conduct," the ministry said.

Hedge funds freeze bank accounts in push for Argentina debt deal [Reuters]


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