The Peronist Government of Argentina declared that has no money to repay the monster loan received after the last default. Fools bought more than a hundred billion dollars worth of loans, including hundred-years bonds which - in another universe - will be paid back around 2120. The creditors, mostly American investment firms, had no choice but negotiate with President Alberto. Their position was very weak, they have no gunboats and the
Cave Canem sorry
Caveat Emptor Latin legal principle is still in effect. They had to accept 55 cents for dollar of debt. Make no mistake, no one is transferring actual money to their accounts. They will receive new bonds and promissory notes and securities with assurances that this time they are serious and some future government actually may contemplate paying out something to those vultures capitalists.
I told them not to be greedy. But they are fools.
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