Argentina Alleges Extortion After Court Sides With ‘Vulture Funds’
This week, the U.S. Supreme Court rejected an appeal from Argentina over its $1.5 billion debt in a ruling critics say validates predatory behavior by "vulture funds." "Democracy Now!" looks at the case that is being called the "trial of the century" in how poor countries repay sovereign debt.
This week, the U.S. Supreme Court rejected an appeal from Argentina over its $1.5 billion debt in a ruling critics say validates predatory behavior by “vulture funds.” “Democracy Now!” looks at the case that is being called the “trial of the century” in how poor countries repay sovereign debt.
The program reports:
The case involves hedge funds that bought up Argentina’s debt at bargain rates after its financial crisis more than a decade ago. After Argentina defaulted on its debts, the vast majority of its creditors agreed to slash the value of their holdings. But NML Capital and other firms refused to accept the deal, instead seeking full repayment. Monday’s ruling leaves in place a lower court decision ordering Argentina to pay the companies. Argentine President Cristina Fernández de Kirchner has called the firms’ actions “extortion.”
The program talks to Eric LeCompte, executive director of Jubilee USA Network, “an alliance of more than 75 U.S. organizations, 250 faith communities and 50 Jubilee global partners” working to create “critical global financial reforms” and having won “more than $130 billion in debt relief for the world’s poorest countries.”
‘Democracy Now!’:
— Adapted from “Democracy Now!” by Alexander Reed Kelly.
Your support matters…Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Americas
Recent experience shows that organized labor offers a counterbalance to democratic backsliding in Javier Milei's Argentina.
TD Original
Paul Singer’s relationship to Samuel Alito illuminates how U.S. law enables vulture funds to deepen immiseration across the Global South.
Tensions marred some celebrations, but women still marched en mass in cities around the world, even those affected by the coronavirus.
This year's top stories cover a range of topics including corporate fascism, an election in Argentina and mass protests across the globe.
Politics
As regional powers backslide and Donald Trump looms, one nation offers a popular, progressive alternative. A dispatch from Buenos Aires.
The church must now cope with the globalization of the scandal that once seemed largely confined to the English-speaking world.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.