Different tune for Argentina
It was interesting to see Paul Singer, the US billionaire behind the so-called “vulture fund” Elliott Management, giving Argentina a bloody nose in the US courts this month.
Singer picked up $1.3 billion (€955 million) of Argentine bonds on the cheap after its 2001 default, and is holding out for full payment.
The US supreme court – bonds are issued under New York law – has refused to hear an appeal against a decision that Argentina should pay the holdouts.
The tenacious Singer also owns bonds in Irish Bank Resolution Corporation and last year threatened to scupper its US bankruptcy, before apparently walking away.
How strange that he chases Argentina to the ends of the earth, but lets Ireland off the hook at the first sign of resistance.