By all accounts, the Argentine economy is not doing terribly well. Given its recent default, this is not a huge surprise. But remember those halcyon days back in 2013, when Cristina Kirchner was not vice president but president, and when the country was in a bitter struggle with hedge funds, fighting over the laws of the foreign countries it had issued debt in, and when it wasn’t in default but was about to be again? Yea, Palladian Partners and three other hedge funds do too, and miss it. They miss it so much, they’re trying to recreate it. After all, if Argentina was still sort of paying its bills in 2013, how bad could its economy have been, really?

The funds, including Palladian Partners LP, are seeking a payout of 645 million euros (US$738 million) in the High Court of England and Wales on the grounds that the government misled investors, either voluntarily or involuntarily, by publishing inaccurate statistics through the INDEC national statistics bureau for the year 2013…. The lawsuit stems from the 2001 default on a debt of US$95 billion, which came amid one of the worst economic crises in the country's history. As part of its restructuring programme, it sold GDP-linked securities, which were meant to pay out when growth hit a set threshold.

Argentina loses bid to throw out US$738-million hedge-fund lawsuit [Buenos Aires Times]

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