From globalpost: Here's what you have to understand: Argentina isn't refusing
to pay angry hedge fund managers like Elliott Capital's Paul Singer because
they don't have the money. They do. The
country's intransigence comes from a force far more powerful than that — the fabric
of their modern political ideology.
In case you've missed this epic fight, for the last ten
years, Argentina has refused to pay Elliott Management's Paul Singer and other
exchange bondholders of their sovereign debt who did not participate in
restructurings and take a haircut. Singer,
for his part, has dauntlessly chased his money, even getting the Ghanaian
government to impound an Argentine naval vessel, the ARA Libertad, as
collateral. Last month, New York Judge
Thomas Griese ordered Argentina to pay Singer and fellow investors something
through some kind of payment plan. The country has appealed the decision, but
its not looking good for them.
So the question remains — why not just figure out a deal and
pay Singer the $1.3 billion he's owed and be done with it?n Because, according to Argentine political
ideology in the era of the Kirchners, paying investors like Singer is a serious
affront to the country's national sovereignty….
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