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Alternative Market Briefing

Argentine debt holdouts go public ahead of court date

Thursday, January 31, 2013

amb
Argentine President
Cristina Fernandez de Kirchner
Bailey McCann, Opalesque New York:

Argentine President Cristina Fern�ndez de Kirchner has some world travel planned, but she won't be doing it on the presidential plane. The plane, Tango 01, has been grounded after the President's lawyer advised her that it might be seized by creditors whenever she lands. Instead, she'll be spending over $800,000 to fly first class to destinations in Asia and the Middle East in a private plane. The plane will cost Argentina about 20% more than it would to fly Tango 01, which is still arguably less than the price to recapture the Boeing 757 if seized. When you're the President of a country coming back from one of the largest sovereign debt defaults in history, who has already had to recapture one of your tall ships off the coast of Africa after it was seized by a well-known hedge fund manager, and who also flatly refuses to pay the debt owed to that manager and many others, this is the math you do.

If you are not now the president of a country in a similar situation, this math might seem crazy, and most of the international community would agree with you. That in of itself might be a sign to take a step back, but, President Kirchner has opted to double......................

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