Argentina defaulted on $100 billion of bonds in 2001. Most bond holders settled in 2005 for 30% of value in new bonds. U.S. hedge funds did not settle, sued in NY court and won last week. 2nd circuit Court of Appeals stayed that ruling which ordered Argentina to pay $1.3 billion to hedge funds and would likely have forced the country into default. Considering that that is only 1.3% of value of all the 2001 defaulted bonds, I'm totally on the hedge funds side.
2nd Court of Appeals saves Argentina from Default (at least temporarily)by Alain on November 29, 2012
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