# Argentina ordered to bend over for "vulture" hedge fund

**URL:** <https://boards.straightdope.com/t/argentina-ordered-to-bend-over-for-vulture-hedge-fund/667044>\
**Category:** Miscellaneous and Personal Stuff I Must Share\
**Created:** [August 24, 2013, 10:04am UTC](https://boards.straightdope.com/t/argentina-ordered-to-bend-over-for-vulture-hedge-fund/667044 "2013-08-24T10:04:31Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![deltasigma](https://avatars.discourse-cdn.com/v4/letter/d/e5b9ba/32.png) [@deltasigma](https://boards.straightdope.com/u/deltasigma)\
**Post date:** [August 24, 2013, 10:04am UTC](https://boards.straightdope.com/t/argentina-ordered-to-bend-over-for-vulture-hedge-fund/667044/1 "2013-08-24T10:04:31Z")

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[This](http://www.businessinsider.com/argentina-loses-debt-appeal-2013-8) is something that has been in and out of the financial news for years and has been a source of periodic amusement.

> [@](#):
>
> Argentina just lost its appeal to continue refusing to pay a group of hedge fund managers, led by Paul Singer, $1.6 billion worth of sovereign debt dating back to its $95 billion default in 2001. [You can read the full decision here (via Credit Slips).](http://www.creditslips.org/files/2d-circuit-injunction-affirmance.pdf) For years the country has been trying to avoid paying a bunch of “vulture” hedge fund managers that refused to take a 70% haircut on Argentine bonds like every other investor. This has resulted in some wacky news items — Paul Singer getting the government of Ghana to impound an Argentine naval ship last October, President Cristina Fernandez de Kirchner flying commercial to see the Pope so her jet isn’t taken — you get the idea.

A NY court has finally come down firmly on the side of the hedgies and given the recalcitrance of Argentina thus far, it looks like the lulz will continue.