Peace In Our Time (Between Argentina, Hedge Funds)

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Let's party!

The will be no more seized ships.

No more presidents flying commercial.

No more nuisance attempts to seize diplomatic bank accounts.

No more semantic arguments about what is and is not a default.

No more meetings at expensive New York legal offices conducted entirely with baseball signs.

No more petty collateral damage.

No more digging for buried, stolen treasure in the desert outside of Las Vegas.

No more thumbing noses at courts.

No more dark suggestions about putting “limits” on an elderly half-retired judge.

No more ad hominem attacks.

No more vulture-themed state fair games.

Peace for the saintly Daniel Pollack. For Paul Singer and Argentina have laid down their arms.

Some 15 years after the country carried out the biggest sovereign default ever, and 13 years after the hedge-fund billionaire first sued for repayment, the two sides reached a settlement late Sunday.

So what did Elliott and the others get, less than two weeks after saying thanks but no thanks to three-quarters what they were owed? Why, three-quarters of what they were owed, plus a few extra pennies. All it took was the first good-faith offer from Argentina, plus a little scolding and position-eroding from the courts.

The $4.65 billion represents 75 percent of the full judgments for the four hedge funds and includes principal, interest and a payment to settle the claims outside of the court, as well as “certain legal fees and expenses incurred.”

Paul Singer Cuts Deal With Argentina After Ugly, 15-Year Dispute [Bloomberg]
Argentina Reaches Deal With Hedge Funds Over Debt [NYT]

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