Argentina offers to pay U.S. 'vulture' funds

[Little Tich]

Source: CNN

Argentina and a group of American hedge funds may soon end a 15-year battle.

Negotiating through a mediator, Argentina offered to pay six hedge funds that own the country's debt a total of $6.5 billion of the $9 billion it owes.

The hedge funds are referred to as "vultures" in Latin America because they buy bonds extremely cheaply, sue the countries for full repayment and often make a big profit once they're paid.

Two firms, Montreux Partners and Dart Management, agreed in principal to the terms of the deal Friday, according to the Argentine finance ministry. The firms could not be immediately reached for comment.

Read more: http://money.cnn.com/2016/02/05/news/economy/argentina-makes-official-offer-to-hedge-funds/

[PoliticAverse]

1. Since the US Supreme Court ruled against Argentina some sort of settlement seemed inevitable. n/t

[forest444]

2. No word from the Caymans as to whether the vultures will accept Argentina's offer.

$6.5 billion for bonds that, between the six vulture funds, cost them no more than $300 mn on the secondary market. Only a corrupt, right-wing government like Macri's would willingly sell their country out like this.

And if they ultimately accept, no word from Kenneth Dart or Paul Singer as to whether they'd use the money to pay the billions in back taxes and TARP funds they owe U.S. taxpayers.

They'd rather keep it in the Caymans and give it to their GOP superpacs.

[Nye Bevan]

3. What "billions in back taxes" does Paul Singer owe?

I Googled but didn't come up with anything.

Thanks in advance!

[mpcamb]

4. try this: Paul Singer Will Make Argentina Pay By Max Abelson and Katia Porzecanski August 07, 2014

http://www.bloomberg.com/bw/articles/2014-08-07/argentinas-vulture-paul-singer-is-wall-street-freedom-fighter

it's a year and a half old.
I had a recent one from a US paper a couple months back also showing who Paul Singer is and what he does to countries in crisis.