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March 4, 2016

Argentina Pays Paul Singer's "Vulture Fund" $2.4 Billion
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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.
Topics:Argentina Debt Economy

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