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Topics

Argentina Pays Paul Singer's "Vulture Fund" $2.4 Billion

HeadlinesMar 04, 2016
Hdls11 argentina

In Argentina, Nobel Peace Prize-winning human rights activist Adolfo Pérez Esquivel is calling on President Obama to change the date of his trip to Argentina because the scheduled visit on March 24 coincides with the 40th anniversary of the U.S.-backed military coup. The coup toppled Argentina’s democratically elected government and installed a brutal dictatorship. Meanwhile, new details have emerged about this week’s settlement between Argentina and billionaire Republican Party donor Paul Singer’s hedge fund Elliott Management. Elliott Management was one of many U.S. hedge funds to buy up Argentine debt at pennies on the dollar amid the country’s economic crisis in 2001. Former Argentine President Cristina Fernández de Kirchner had long demanded the hedge funds, which she called "vulture funds," renegotiate the debt, arguing they were unfairly profiting off Argentina’s economic crisis. But this week, President Mauricio Macri’s right-wing government agreed to pay Singer’s fund and three others $4.65 billion. Singer’s fund itself netted $2.4 billion—10 to 15 times its original investment.

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