Interested in maladministration. Estd. 2005
RTEs Sarah McInerney ? Fianna Fail?supporter? Anthony
Joe Duffy is dishonest and untrustworthy Anthony
Robert Watt complaint: Time for decision by SIPO Anthony
RTE in breach of its own editorial principles Anthony
Waiting for SIPO Anthony Public Inquiry >>
Promoting Human Rights in IrelandHuman Rights in Ireland >>
Half of London?s Council Houses Occupied by People Born Overseas Wed Jun 11, 2025 15:06 | Will Jones Nearly half of all social housing in London, 48%, is occupied by foreign-born heads of household, costing the taxpayer around ?3.6 billion a year in discounted rent, it's been revealed.
The post Half of London’s Council Houses Occupied by People Born Overseas appeared first on The Daily Sceptic.
Why Conspiracy Theories are Always Wrong, Even When There is a Conspiracy Wed Jun 11, 2025 13:00 | Colin Meade It's tempting to see in the Covid response some malevolent design. And it's easy to find elite networks that promoted the crazy policies. But there's a key reason why conspiracy theories are always wrong, says Colin Meade.
The post Why Conspiracy Theories are Always Wrong, Even When There is a Conspiracy appeared first on The Daily Sceptic.
Starmer?s Chagos Surrender Deal to Fund Massive Tax Cuts for Mauritians Wed Jun 11, 2025 11:14 | Will Jones Keir Starmer's Chagos surrender deal will fund tax cuts for Mauritians, it's emerged, as the Mauritian Government says it will pay off its national debt, abolish income tax for 81% of Mauritians and raise minimum salaries.
The post Starmer’s Chagos Surrender Deal to Fund Massive Tax Cuts for Mauritians appeared first on The Daily Sceptic.
Is Britain Really the Most Miserable Country in the World? Wed Jun 11, 2025 09:00 | Noah Carl A widely shared report found that Britain is the most miserable country in the world. But a closer look reveals that this almost certainly isn't true.
The post Is Britain Really the Most Miserable Country in the World? appeared first on The Daily Sceptic.
The Rise and Rise of King Coal Wed Jun 11, 2025 07:00 | Tilak Doshi The world has never consumed as much coal as it does today, and with the US now re-embracing it this is only set to grow. King Coal's comeback is a triumph of pragmatism over climate alarmism, says Dr Tilak Doshi.
The post The Rise and Rise of King Coal appeared first on The Daily Sceptic. Lockdown Skeptics >>
Voltaire, international edition
Will intergovernmental institutions withstand the end of the "American Empire"?,... Sat Apr 05, 2025 07:15 | en
Voltaire, International Newsletter N?127 Sat Apr 05, 2025 06:38 | en
Disintegration of Western democracy begins in France Sat Apr 05, 2025 06:00 | en
Voltaire, International Newsletter N?126 Fri Mar 28, 2025 11:39 | en
The International Conference on Combating Anti-Semitism by Amichai Chikli and Na... Fri Mar 28, 2025 11:31 | en Voltaire Network >>
|
Predatory Hedge Funds and Argentina Face Supreme Court Showdown in Landmark Global Poverty Case
international |
miscellaneous |
news report
Tuesday December 17, 2013 18:09 by Jennifer Tong - Jubilee USA

Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.
“We agree with the concerns of the restructured bondholders,” said Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty organization. “We join the IMF, World Bank and White House in denouncing this extreme hedge fund behavior that takes advantage of the world’s poorest people.”
Once Argentina appeals to the Supreme Court, interested parties have 30 days to file anamicus or friend-of-the-court brief urging the Supreme Court to accept the case. The Supreme Court would likely decide by the summer whether or not it will actually hear the case. In a separate case currently before the Supreme Court, Argentina sought review of a lower court decision allowing NML Capital to seek information about Argentina’s non-US assets. The United States filed an amicus brief in support of Argentina, arguing that Argentina’s assets are immune from seizure under federal sovereign immunity law.
These cases go back to 2001, when Argentina defaulted on roughly $81 billion in debt. Multiple hedge funds purchased debt for pennies on the dollar. These hedge funds are called “vulture” funds because they prey on countries in financial distress and target assets that benefit poor populations. The nearly 93 percent of bondholders who restructured their debts with Argentina have seen the value of their bonds increase. The holdout hedge funds that are suing Argentina refused the deal several times and have instead sued for the full amount of the debt they purchased.
The opposition to vulture funds is widespread. Similar hedge fund claims against Argentina have been rejected by courts in Germany, and France filed an amicus brief in support of Argentina in a previous appeal to the Supreme Court. In lower court proceedings, the US government filed an amicus brief in support of Argentina, arguing that a ruling against Argentina could make it much more difficult for countries in financial recovery or facing economic stress to access credit and debt swaps. The IMF has also weighed in on the case, saying that the result would have major implications for how future sovereign debt is restructured.
“It’s rare that we see such a global consensus rejecting this predatory hedge fund behavior. These hedge funds hurt legitimate investors and poor people,” noted LeCompte.
Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world’s poorest people. www.jubileeusa.org
|