Support Argentina’s fight against Vulture Funds
Author: Jubilee Debt Campaign, Published on: 1 September 2013
Argentina’s economy is being held to ransom by a small handful of very wealthy speculators – so-called ‘vulture funds’. They bought up billions of dollars worth of Argentina’s debt in the early 2000s when Argentina’s economy was on its knees and its people were suffering horrendous poverty – and defaulting on its debts was the only option...Last November a New York court ruled that Argentina was obliged to pay $1.3 billion to vulture fund NML Capital – a subsidiary of hedge fund Elliot Associates [operated by Elliott Management]...On 23 August 2013, the New York Second Circuit court rejected Argentina’s appeal against the verdict...[The] verdict paves the way for Argentina to be forced into a new default...We believe that there is no ethical justification for Argentina making this payment...Many of the debts Argentina owed had been continuously recycled since the time of the brutal military junta which ruled the country from 1976 to 1983.
Related companies: Elliott Management