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Argentina vs. the vultures: no clear winners, many losers

Eurodad

24 Jul 2014 12:57:39

Guest blog by Alan B. Cibils, Chair of the Political Economy Department, Universidad Nacional de General Sarmiento, Buenos Aires, Argentina The tug-of-war between Argentina and the vulture funds, with US judge Griesa as the not-so-impartial referee, appears to be heading for an outcome that will leave many losers and no clear winners. Once the US Supreme Court decided not to take the Argentine case against the vulture funds, Argentina’s options were severely restricted: negotiate with the vultures, or ignore the US court’s ruling and enter a “technical” default until an alternate, non-US, route to pay bond-holders could be established. The clause that ties Argentina’s hands Despite combative official rhetoric against the vulture funds and Judge Griesa, Argentina opted for trying ...