Wed, Sep 17, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Argentina to pay hedge funds a portion of debt owed after default

Monday, August 26, 2013

amb
Cristina Fernndez de Kirchner
Bailey McCann, Opalesque New York:

Earlier this year, Opalesque reported on the going court challenge launched by hedge funds and pensioners the wake of the Argentine default. Since then, the Argentine government has been doing everything it can to avoid making payouts to the debt holdouts, even though they've lost much of their ability to make other payments or borrow money from international financial bodies. On Friday, a US Court of Appeals ordered the country to pay $1.47bn to hedge funds holding Argentina's debt. The ruling effectively ended appeals by Buenos Aires against a similar judgement first issued in 2012.

The court held that Argentina must compensate two hedge funds 100% of the value of defaulted Argentine government bonds they hold. Those two hedge funds - Gramercy, and Elliott Associates may never see any of the money they believe they are owed, but the case itself sets an important precedent for sovereign debt cases going forward. Both funds and others, are also involved in a political group American Task Force Argentina, which has represented and worked with pensioners who lost out on bonds they held at the time of default.

Argentina's government may have sealed its own fate on this appeal before any judgement was rendered, given the many public statements made by Argentine President Cristina Fernndez de Kirchner, c......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Big hedge funds show interest in Alibaba, Maglan joins other hedge funds in rush to Argentinian assets[more]

    Big hedge funds show interest in Alibaba From Hereisthecity.com: …Three other major hedge fund investors who have shown interest in the IPO are Dan Loeb of Third Point, David Tepper of Appaloosa Management and Dan Benton of Andor Capital Management. All three were among the roughly 800 p

  2. Investors looking at other sources for hedge fund-like returns[more]

    Komfie Manalo, Opalesque Asia: Investors who are always on the lookout for higher gains are looking at alternative sources of income, particularly exchange-traded fund industry that generates hedge fund-like returns, according to

  3. Investors move capital out of Scotland ahead of referendum[more]

    Benedicte Gravrand, Opalesque Geneva: Ahead of Scotland’s independence referendum on September 18, asset managers, investors and pension savers are moving billions of pounds out of the country,

  4. Indices - Greenwich Global Hedge Fund Index up 1.57% in August (+4.22% YTD), Eurekahedge Hedge Fund Index rebounds in August gaining 1.36% (4.22%), Lyxor Hedge Fund Index was up 0.9% in August (YTD +1.7%)[more]

    Greenwich Global Hedge Fund Index up 1.57% in August (+4.22% YTD) The Greenwich Global Hedge Fund Index ended the month of August up +1.57%. Equity markets were up in August with the MSCI World Index up +2.00%. This was primarily driven by the performance of the S&P 500 which was up +4.

  5. Alpha Strategic buys stake in Premium Point Investments[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Alpha Strategic plc, a affiliate of