Monday, August 26, 2013

Paul Singer's attempted rape of Argentina gets thumbs up from New York appeals court

The government of Argentina has been forced to petition the US Supreme Court in the next instalment of the ongoing battle with US hedgie Paul Singer.

Singer's hedge funds bet big on defaulted Argentine debt, buying up all they could at pennies on the dollar after Argentina defaulted on its foreign debt in 2002.

The Singer strategy is to employ the courts to force the defaulter to make good on 100% of the face value of the debt.

In a nutshell, this case pits the people of Argentina against the opportunistic machinations of a small group of American uber-capitalists looking for free money.

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