Telesur.png Argentina Caves In on Vulture Funds Telesur, Venezuela, 31 March 2016 Argentina's President Mauricio Macri won the support of the Senate for a settlement with bondholders on Wednesday, live TV images showed, marking the end of a 14-year battle with creditors. Senators across the political divide voted by a 54 to 16 margin in favor of a deal after a marathon debate that lasted more than 12 hours. It allows Macri to issue $12 billion in bonds and use part of that to pay $4.65 billion to the hedge funds. Hedge funds had sued Argentina for not paying out on bonds they bought after the country defaulted on its debt 15 years ago. The lower house of Congress already approved the deal earlier this month. Macri needed to close the dispute to tap global credit markets and lure back investors, and had warned Argentina faced a return to hyperinflation or aggressive spending cuts if the chamber had knocked down the proposal. Argentina's 15-year battle with vulture funds stems from the fact that a handful of holdout creditors rejected the debt restructuring that followed Argentina's US$100 billion debt default in 2002. Under former President Fernandez, the country refused to pay the vulture funds, and saw some success in U.S. appeals courts. From: http://www.telesurtv.net/english/news/Argentine-Senate-OKs-Predatory-Vulture -Funds-20160330-0055.html -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
