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Argentina defaults again - American court system helps out
2014 Jul 31, 1:35am 1,778 views 13 comments
by darlag follow (1)
Comments 1 - 13 of 13 Search these comments
zzyzzx
2014 Jul 31, 1:45am
Why do these hedge funds even lend money to places like that when they should know better?
Strategist
2014 Jul 31, 3:17am
Why do these hedge funds even lend money to places like that when they should know better?
They didn't. They bought the debt after the settlement was reached with the other bondholders. They are vultures.
Argentina has an obligation to live up to their commitment and pay up. No reason why the bond holders should not foreclose on the country.
Heraclitusstudent
2014 Jul 31, 3:19am
Argentina has an obligation to live up to their commitment and pay up. No reason why the bond holders should not foreclose on the country.
The way hedge funds are trying to squeeze this poor country is silly.
Rich people should find an other way to earn money.
Strategist
2014 Jul 31, 3:24am
Argentina has an obligation to live up to their commitment and pay up. No reason why the bond holders should not foreclose on the country.
The way hedge funds are trying to squeeze this poor country is silly.
Rich people should find an other way to earn money.
Argentina wants a discount. The hedge funds know they don't have to.
It's a dog eat dog world on Wall Street.
Heraclitusstudent
2014 Jul 31, 3:46am
Argentina wants a discount. The hedge funds know they don't have to.
It's a dog eat dog world on Wall Street.
These hedge funds are greedy and fully deserve to be defaulted upon. The way these rich people try to squeeze every penny of a poor country is disgusting.
The way a US court aligns with them, and decides some bond holders must be paid in full if any is to be paid partially is a non-sense with regard to any bankruptcy law.
Argentina is a sovereign country and can of course default whenever they decide. They just have to deal with the consequences.
Tishman Speyer defaulted on billions and they still get credit. Don't believe the hype.
indigenous
2014 Jul 31, 3:52am
What consequences, worse credit? They will have better credit in BK.
Although unlikely maybe the Argentinians will force the government to be responsible, like we should talk right?
zzyzzx
2014 Jul 31, 3:53am
They didn't. They bought the debt after the settlement was reached with the other bondholders. They are vultures.
They were still pretty stupid to buy the debt, even at a steep discount. It's just like lending money to Greece, Portugal, or Italy. Common sense should tell you not to do it.
Heraclitusstudent
2014 Jul 31, 3:55am
They were still pretty stupid to buy the debt, even at a steep discount. It's just like lending money to Greece, Portugal, or Italy. Common sense should tell you not to do it.
I'm guessing you don't work for a hedge fund.
MisdemeanorRebel
2014 Jul 31, 4:20am
The Hedge Funds mostly brought the bonds for pennies on the dollar and are trying to collect the full amount plus penalties*. They even tried to steal an Argentine Navy Vessel, the Liberdad, sort of their USS Constitution.
Defaulting is what countries do when they transition from Developing to Developed nations. Almost every country that industrialized did so.
* Oops, stole bgamall's thunder - he already mentioned this.
Defaulting is what countries do when they transition from Developing to Developed nations. Almost every country that industrialized did so.
ok ...so they defaulted and did the right thing.
they looked at the risk vs gain and defaulted..whats the big deal.
if the country already knew what the contract was when it got in to it.
whats the big deal ?
MisdemeanorRebel
2014 Jul 31, 4:35am
Defaulting is what countries do when they transition from Developing to Developed nations. Almost every country that industrialized did so.
ok ...so they defaulted and did the right thing.
they looked at the risk vs gain and defaulted..whats the big deal.
if the country already knew what the contract was when it got in to it.
whats the big deal ?
Well, Contracts aren't suicide pacts. Anglo-American law has agreed on this for centuries.
U.S. hedge funds and court system were instrumental in helping to force Argentina to default on its debt obligations for the second time in 13 years.
http://www.globaldeflationnews.com/u-s-hedge-funds-force-argentina-to-default-on-its-sovereign-debt-again/