What was the primary event that initiated the Argentine debt restructuring process?

The Argentine debt restructuring process began on January 14, 2005, following Argentina's significant economic crisis and default on its sovereign bonds in 2001. This restructuring aimed to address the approximately $82 billion in sovereign bonds that had defaulted.

What percentage of Argentina's defaulted sovereign bonds was restructured in the initial 2005 exchange?

In the initial debt restructuring that began in January 2005, Argentina successfully restructured 76% of the defaulted sovereign bonds, amounting to $62.5 billion. This allowed for resumed payments on a significant portion of the debt.

What was the typical settlement for bondholders who participated in the 2005 and 2010 restructurings?

Bondholders who participated in the debt restructurings, starting in 2005 and continuing in 2010, generally settled for repayments around 30% of the face value of their bonds. They also received warrants tied to Argentina's annual economic growth as part of the settlement.

What was the total percentage of Argentine sovereign bonds under some form of repayment after the 2010 restructuring?

Following the second debt restructuring in 2010, the percentage of Argentine sovereign bonds under some form of repayment reached 93%. However, disputes with the remaining 7% of bondholders, known as 'holdouts,' continued.

How did the 2015 election of Mauricio Macri impact the debt restructuring process?

Upon his election in 2015, Mauricio Macri aimed to negotiate with the holdout creditors to end the default and reintegrate Argentina into international capital markets. His administration eventually settled with holdout bondholders, repaying them less than they demanded but resolving the long-standing dispute.

What was the approximate total external debt Argentina defaulted on in December 2001?

In December 2001, Argentina defaulted on a total of approximately $93 billion of its external debt. Of this amount, about $81.8 billion consisted of sovereign bonds that were defaulted upon.

What economic conditions characterized Argentina between 1998 and 2002?

From 1998 to 2002, Argentina experienced a severe economic recession. This period saw significant capital flight, a cessation of foreign investment, the floating and rapid devaluation of the peso (which had previously been pegged 1:1 with the US dollar), high inflation exceeding 40%, and an 11% fall in real GDP in 2002.

What was the impact of the currency devaluation on inflation and GDP in Argentina?

Following the decision to float the currency, the Argentine peso devalued sharply against the US dollar. This devaluation led to a rapid increase in inflation, surpassing 40%, and contributed to a significant contraction in the economy, with real GDP falling by 11% in 2002.

Who were the 'holdouts' in the context of Argentine debt restructuring?

The 'holdouts' were a minority group, representing about 7% of the defaulted bondholders, who rejected the settlement terms offered in Argentina's 2005 and 2010 debt restructurings. They insisted on receiving full repayment of their bonds' face value, rather than the reduced amounts accepted by the majority.

What role did 'vulture funds' play in the debt dispute?

Vulture funds, such as NML Capital, speculatively purchased Argentine bonds on the secondary market at very low prices after the 2001 default. They held out for full repayment through litigation, often seeking to attach Argentina's assets or future payments to other bondholders to force a settlement favorable to them.

What legal strategy did holdout bondholders like NML Capital employ against Argentina?

Holdout bondholders employed legal strategies, including lawsuits in U.S. courts, to enforce their claims for full repayment. They sought injunctions to prevent Argentina from making payments to bondholders who had accepted the restructured terms, arguing that this violated the 'pari passu' (equal footing) clause in their contracts.

How did the 'pari passu' clause contribute to the legal deadlock?

The Fiscal Agency Agreement, under which many Argentine bonds were issued, included a 'pari passu' clause ensuring equal treatment among bondholders. However, it lacked a collective action clause. This allowed holdouts to argue that Argentina could not pay the restructured bondholders without also paying them in full, creating a legal impasse that prevented payments to the majority.

What was the significance of the RUFO clause in the debt restructuring agreements?

The 'Rights Upon Future Offers' (RUFO) clause was included in the restructuring agreements to assure bondholders that if Argentina later offered better terms to any creditors, existing participants would also receive those improved terms. This clause, combined with the 'pari passu' ruling, created a situation where paying holdouts at full value could trigger demands for full repayment from all bondholders, an amount Argentina could not afford.

What was the outcome of Argentina's legal battles in U.S. courts regarding the holdouts?

Argentina ultimately lost its legal battles in U.S. federal courts, including appeals up to the U.S. Supreme Court, which denied certiorari. The courts ruled that Argentina's Fiscal Agency Agreement, governed by New York law, required it to pay the holdouts in full if it paid other bondholders, effectively enforcing the 'pari passu' clause.

How did the U.S. court rulings affect Argentina's ability to access international debt markets?

The court rulings preventing Argentina from paying restructured bondholders without also paying holdouts effectively blocked Argentina from accessing international debt markets. This was because any new financing raised could potentially be seized by holdout creditors through legal means, leading to high country risk premiums.

What was Argentina's response to being declared in 'selective default' in 2014?

Following the U.S. court rulings that prevented payments to restructured bondholders, Argentina was declared in selective default by rating agencies like Standard & Poor's and Fitch. President Cristina Fernández de Kirchner stated that Argentina had an obligation to pay its creditors but would not submit to 'extortion' by speculators.

What action did Argentina take regarding the International Court of Justice (ICJ)?

In August 2014, Argentina filed a case at the International Court of Justice (ICJ), alleging that the United States had violated Argentina's sovereign immunity and breached its obligation not to force the sovereign will of another state. Argentina also sought an investigation into potential securities fraud by the plaintiffs in the debt dispute.

How did international organizations and other countries react to the U.S. court decisions?

The U.S. court decisions were rejected by organizations like the Organization of American States (OAS) and the G-77 (representing 133 nations), as well as by the Council on Foreign Relations and bondholders whose payments were halted. They expressed concern that the rulings could undermine international financial stability and restructuring processes.

What was the impact of the debt deadlock on Argentina's economy?

The deadlock significantly limited Argentina's access to foreign credit markets, increasing its borrowing costs. Consequently, the country had to rely on its central bank reserves to meet debt obligations and implemented measures like restricting dollar purchases and limiting imports.

What were the wider implications of the Argentine debt dispute for the global financial system?

The case raised concerns that holdout creditors could derail cooperative debt restructurings and potentially make New York a less attractive venue for issuing sovereign debt. It highlighted the power of a small minority of creditors to disrupt the financial system and the challenges of sovereign immunity in international finance.

What was the outcome of the 2005 debt restructuring in terms of bond types and investor yields?

The 2005 debt exchange offered bondholders longer-term bonds, including par, quasi-par, and discount bonds (with lower nominal values). A significant portion of the restructured Argentine market became based on GDP-linked bonds, and investors experienced record yields amid renewed economic growth.

What was Argentina's strategy regarding its debt to the International Monetary Fund (IMF)?

Argentina aimed for financial independence from the IMF by shifting from continuous negotiation and refinancing to making full payments on its debt. This culminated in a single payment of $9.81 billion in January 2006, significantly reducing its IMF obligations.

Who was NML Capital Limited, and what was its role in the debt dispute?

NML Capital Limited was a Cayman Islands-based offshore unit of Paul Singer's Elliott Management Corporation. It was one of the principal 'vulture funds' involved in the Argentine debt dispute, purchasing bonds at low prices and aggressively pursuing legal action for full repayment.

What was the specific legal interpretation of the 'pari passu' clause by the U.S. Court of Appeals for the Second Circuit?

The Second Circuit interpreted the 'pari passu' clause in Argentina's Fiscal Agency Agreement to mean that Argentina could not give preferential treatment to any group of bondholders. It ruled that Argentina must either pay all bondholders (including holdouts) or none, preventing selective payments to those who had accepted the restructured terms.

How did the RUFO clause interact with the 'pari passu' ruling to create a problem for Argentina?

The RUFO clause stipulated that if Argentina later offered better terms to any creditors, all existing restructured bondholders would be entitled to those same improved terms. When combined with the 'pari passu' ruling, which required Argentina to pay holdouts in full, it meant that paying the holdouts could trigger a massive liability of up to $100 billion by forcing all previous settlements to be repaid at full face value.

What was the significance of the expiration of the RUFO clause in December 2014?

The expiration of the RUFO clause in December 2014 meant that after that date, other bondholders could no longer sue for better terms if Argentina settled with the holdouts. This made a potential settlement with holdouts more feasible after the clause expired, as it would not trigger claims from other bondholders.

What was the outcome of the 2016 settlement with holdout bondholders under President Macri?

Under President Mauricio Macri, Argentina reached a settlement with four major holdout bondholders, including NML Capital, in early 2016. This agreement, which required congressional ratification, allowed Argentina to pay $6.5 billion to settle lawsuits and lift the injunctions, effectively ending the long-standing default.

What happened with Argentina's debt restructuring during the presidency of Alberto Fernández?

During Alberto Fernández's presidency, which began in December 2019, Argentina sought to restructure its significant debt with private bondholders and the IMF. The country defaulted again in May 2020 on a $500 million payment, but later reached an accord with major creditors on terms for restructuring $65 billion in foreign bonds.

What was the status of Argentina's credit rating after the 2020 debt restructuring agreement?

Following the successful restructuring of over $100 billion in sovereign debt, S&P Global Ratings upgraded Argentina's long-term sovereign-credit rating to 'CCC+' from 'SD' (Selective Default) in September 2020, indicating the country was moving out of default territory.

What specific legal provision did the U.S. courts rely on to assert jurisdiction over Argentina's debt payments?

The U.S. courts asserted jurisdiction based on Argentina's decision to issue bonds under New York law and through a Fiscal Agency Agreement with The Bank of New York Mellon. This agreement allowed U.S. courts to issue injunctive relief against the trustee and enforce contract terms.

What was the financial impact on Citigroup due to the Argentine debt dispute?

Citigroup, as a trustee handling some Argentine bond payments, found itself caught between conflicting U.S. court orders and Argentine law. The situation led Citigroup to terminate its Argentine debt servicing operations unless legal relief was provided, highlighting the international conflict of laws created by the dispute.

What was the stated goal of Argentina's full repayment to the IMF in 2006?

Argentina's full repayment of its debt to the IMF in January 2006, amounting to $9.81 billion, was intended to signal and achieve financial independence from the IMF. President Kirchner described it as burying an 'ignominious past of eternal, infinite indebtment'.

How did the UK's legal stance on vulture funds differ from that of the U.S. during this period?

While U.S. courts largely sided with holdout creditors like NML Capital, the United Kingdom took a different approach. In 2011, the UK implemented measures to restrict the use of its courts for lawsuits by vulture funds against developing countries.

What was the approximate value of bonds purchased by NML Capital for which it sought full repayment?

By 2014, NML Capital had purchased bonds with a face value of $832 million for an estimated $49 million. It sought full repayment of this $832 million, plus interest and penalties, leading to a significant legal battle.

What was the primary argument made by Argentina in its case filed at the International Court of Justice (ICJ)?

Argentina argued at the ICJ that the U.S. court system's decisions violated its sovereign immunity and breached the obligation not to use economic and political measures to force another state's will. It also contended that the courts allowed judicial malpractice by permitting a few hedge funds to trigger a default affecting most other bondholders.

What specific legal clause did the holdout bondholders leverage to prevent Argentina from paying other creditors?

The holdout bondholders leveraged the 'pari passu' clause in Argentina's Fiscal Agency Agreement. This clause stipulated that Argentina's payment obligations on the bonds would rank at least equally with all its other unsecured and unsubordinated external indebtedness.

What was the total amount of debt restructured in the 2005 and 2010 exchanges combined?

The 2005 debt exchange restructured 76% of the defaulted bonds, and the 2010 reopening brought the total restructured debt to 92.6%. This means that approximately 93% of the defaulted bonds were brought under some form of repayment agreement.

What was the financial incentive for vulture funds to acquire credit default swaps (CDS) against Argentine bonds?

Vulture funds acquired credit default swaps (CDS) against Argentine bonds as a further incentive to not only trigger a default but also to undermine the bonds' value. The CDS would pay out at a higher rate if the defaulted bonds declined to extremely low values, creating a dual profit motive.

How did the U.S. Supreme Court's denial of certiorari affect Argentina's debt situation?

The U.S. Supreme Court's repeated denial of Argentina's petitions for certiorari meant that the lower court rulings, which mandated payment to holdouts or no payment at all, remained in effect. This solidified the legal deadlock and prevented Argentina from making payments to the majority of its bondholders.

What was the stated purpose of the RUFO clause in the debt restructuring agreements?

The RUFO clause was intended to reassure bondholders that it was safe to settle early by guaranteeing they would receive any better terms offered to other creditors in the future. This was meant to reduce the incentive for bondholders to hold out for a potentially better deal later.

What was the approximate value of the debt that Alberto Fernández's administration sought to restructure in 2020?

In 2020, Alberto Fernández's administration sought to restructure approximately $100 billion in debt owed to private bondholders and an additional $45 billion borrowed from the International Monetary Fund (IMF).

What specific legal ruling by Judge Thomas P. Griesa created the injunction that prevented Argentina from paying restructured bondholders?

Judge Thomas P. Griesa issued broad permanent injunctions against Argentina and its bond trustee. These injunctions prohibited Argentina from repaying the 93% of bonds that had been renegotiated unless it simultaneously paid the 7% holdouts their full amount due, based on his interpretation of the 'pari passu' clause.

What was the outcome of the ARA Libertad's arrest in Ghana in 2012?

The ARA Libertad, an Argentine Navy training frigate, was arrested in Tema, Ghana, at the behest of NML Capital. However, the International Tribunal for the Law of the Sea ruled unanimously that the vessel must be released, and the arrest was eventually lifted after ten weeks.

What was the percentage of Argentine public debt denominated in foreign currencies (mainly dollars and euros) in 2013, down from 2002?

By 2013, Argentina's public external debt denominated in foreign currencies had fallen significantly from 150% of GDP in 2002 to just 8.3% of GDP. This reduction was a result of debt service payments and restructuring efforts.

What was the initial amount of the loan Argentina sought from the IMF during the monetary crisis of 2018?

During the monetary crisis exacerbated by currency devaluation and high inflation, Mauricio Macri announced on May 8, 2018, that Argentina would seek a loan from the International Monetary Fund (IMF) amounting to $57 billion.

What was the total amount of debt restructured in the 2010 exchange, and what percentage did this represent of the total defaulted debt?

In the 2010 debt exchange, approximately $12.86 billion of eligible debt was tendered, representing 69.5% of the outstanding bonds still held by holdouts. This brought the total amount of debt restructured across both exchanges to 92.6% of the debt defaulted since 2001.

What was the stated reason for Argentina transferring bond issues to New York under U.S. law in 1976?

Argentina transferred the issuance of bonds to New York under U.S. law in 1976 because it was historically unstable and few external investors trusted Argentine courts to enforce bonds against their own government. This move aimed to enhance the marketability of its bonds.

What specific clause did Argentina's attorneys neglect to include in the Fiscal Agency Agreement, which later proved problematic?

Argentina's attorneys neglected to include a collective action clause in the Fiscal Agency Agreement. This clause would have obligated holdout bondholders to accept settlement terms if a supermajority of other bondholders agreed, preventing the deadlock caused by the 'pari passu' clause.

What was the approximate value of the settlement Argentina reached in November 2016 to resolve outstanding defaulted debt?

In November 2016, Argentina announced it had reached agreements to pay $475 million to settle outstanding defaulted debt, addressing nearly $1 billion in previously unpaid bonds that remained after the main 2016 settlement.

What was the initial amount of defaulted bonds exchanged in the 2005 restructuring?

In the January 2005 debt restructuring, $62.5 billion of the defaulted bonds were exchanged, representing nearly 76% of the total defaulted sovereign bonds.

What was the total amount of debt service payments made by Argentina between 2003 and 2012?

Between 2003 and 2012, Argentina made debt service payments totaling $173.7 billion. Of this amount, $81.8 billion was collected by bondholders, $51.2 billion by multilateral lenders like the IMF and World Bank, and $41 billion by Argentine government agencies.

Argentine Debt Restructuring Wiki: Argentina's Financial Crucible: Navigating Debt Restructuring

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Overview

Initial Restructuring

The Argentine debt restructuring process commenced on January 14, 2005, addressing a substantial portion of the nation's sovereign debt. This initiative enabled Argentina to resume payments on 76% of the US$82 billion in sovereign bonds that had defaulted in 2001, during the nation's most severe economic crisis. A subsequent restructuring in 2010 increased the repayment coverage to 93% of the bonds, though disputes with remaining "holdout" creditors persisted.

Holdout Disputes

Participating bondholders accepted repayment terms significantly below face value, often around 30%, coupled with warrants tied to economic growth. However, a minority of bondholders, known as "holdouts," refused these terms and pursued legal action. Their efforts, particularly concerning the pari passu clause, led to judicial injunctions that complicated Argentina's ability to service its restructured debt, creating a prolonged period of financial deadlock.

Resolution and Renewed Challenges

Under President Mauricio Macri, a significant settlement was reached with holdout creditors in early 2016, aiming to reintegrate Argentina into international capital markets. Despite this, the nation faced further economic volatility and a subsequent default in May 2020 under President Alberto Fernández, necessitating new rounds of debt negotiations.

The Economic Crisis of 1998-2002

Economic Contraction

Between 1998 and 2002, Argentina experienced a profound economic recession. This period culminated in a sovereign debt default on December 26, 2001, affecting approximately US$93 billion of external debt. A significant portion of this defaulted debt, about 51%, was issued during the preceding three years.

Currency and Inflation Impact

The fixed parity of the Argentine peso to the U.S. dollar was abandoned, leading to a rapid devaluation of the peso to nearly 4-to-1 against the dollar. This devaluation fueled substantial inflation, exceeding 40%, and contributed to a sharp decline in real GDP by 11% in 2002. The economic instability necessitated an urgent and comprehensive debt restructuring.

Investor Landscape

The crisis impacted a diverse range of creditors, including private citizens in countries such as Spain, Italy, Germany, Japan, and the United States, who had invested their savings and retirement funds in Argentine bonds. Bondholders from Argentina itself constituted approximately a quarter of the affected group. The government faced considerable challenges in refinancing its debt due to the widespread default.

The Holdout Problem and Vulture Funds

Speculative Acquisition

Following the 2001 default, a segment of bondholders, often characterized as "vulture funds," strategically acquired defaulted Argentine bonds at significantly reduced prices on the secondary market. These entities, including NML Capital Limited, an affiliate of Elliott Management Corporation, purchased bonds worth billions for mere cents on the dollar, incentivized by the potential for substantial returns through litigation.

Legal Tactics and Lobbying

Holdout creditors employed aggressive legal strategies, seeking injunctions to attach future payments to other bondholders, thereby compelling Argentina to settle their claims at full face value. These funds also engaged in extensive lobbying efforts in both the United States and Argentina to influence legislative and judicial outcomes favorable to their positions, creating significant political and economic pressure.

The Pari Passu Clause

A critical element in the legal battles was the pari passu clause within Argentina's Fiscal Agency Agreement. This clause, interpreted by U.S. courts, prevented Argentina from prioritizing payments to restructured bondholders over holdouts, effectively creating a deadlock where Argentina could either pay all creditors or none. This interpretation significantly complicated the nation's debt management.

Judicial Battles and Deadlocks

U.S. Court Rulings

Federal courts in the United States, notably the U.S. District Court for the Southern District of New York and the U.S. Court of Appeals for the Second Circuit, ruled in favor of holdout creditors. These rulings mandated that Argentina could not make payments to restructured bondholders unless it simultaneously paid the holdouts in full, based on the interpretation of the pari passu clause and the absence of a collective action clause in the bond agreements.

The RUFO Clause Dilemma

Argentina's debt agreements included a "Rights Upon Future Offers" (RUFO) clause. This provision stipulated that if Argentina later offered better terms to any bondholders, all previous settlement participants would be entitled to those improved terms. The court's ruling, forcing full payment to holdouts, threatened to trigger the RUFO clause, potentially obligating Argentina to repay all bondholders at full face value—an amount estimated at $100 billion, which the country could not afford.

Supreme Court and Market Impact

The U.S. Supreme Court repeatedly denied Argentina's petitions for certiorari, effectively upholding the lower court rulings. This legal stance created a significant barrier to Argentina's access to international capital markets, increasing its borrowing costs and disrupting financial operations. The situation also raised concerns about the broader implications for sovereign debt restructuring and the role of holdout creditors globally.

Macri Presidency: Seeking Resolution

Election and Mandate

Upon his election in November 2015, Mauricio Macri prioritized resolving the protracted dispute with holdout creditors. His administration aimed to end the sovereign default status, thereby facilitating Argentina's return to international capital markets and stimulating the national economy.

Settlement and Ratification

In early 2016, U.S. courts ordered Argentina to make full payments to key holdout bondholders. The Macri government negotiated settlements, agreeing to pay approximately $6.5 billion. This agreement required ratification by the Argentine Congress, which ultimately passed the necessary legislation in March 2016, paving the way for the lifting of prior court rulings.

Market Reintegration

The resolution of the holdout dispute led to a significant improvement in Argentina's credit profile. International indices began readmitting Argentine assets, and credit rating agencies revised their outlooks positively. While most of the default was considered resolved, a small amount of outstanding defaulted bonds remained, leading to continued, albeit less prominent, litigation.

Fernández Presidency: New Restructuring

Debt Renegotiation

Beginning in December 2019, President Alberto Fernández's administration focused on restructuring approximately US$100 billion in debt owed to private bondholders and an additional US$45 billion borrowed from the International Monetary Fund (IMF).

Renewed Default

Argentina again defaulted on its debt obligations on May 22, 2020, failing to meet a $500 million payment deadline. This event marked the country's ninth sovereign debt default and intensified negotiations for restructuring $66 billion of its outstanding debt.

Accord and Rating Upgrade

By August 4, 2020, an agreement was reached with major creditors on the terms for restructuring $65 billion in foreign bonds. This accord, following a period of intense negotiation, was seen as a critical step toward stabilizing the nation's finances. Subsequently, S&P Global Ratings upgraded Argentina's long-term sovereign credit rating, signaling a potential exit from default territory.

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References

NML Capital, Ltd. v. Republic of Argentina, 699 F.3d 246 (2nd Cir. 2012).

NML Capital, Ltd. v. Republic of Argentina, 727 F.3d 230 (2nd Cir. 2013).

Greenfield v. Philles Records, 98 N.Y.2d 562, 570 (2002).

The Supreme Court, 2013 Term - Leading Cases, 128 Harv. L. Rev. 381 (2014)

Elliott Associates, LP v. Banco De La Nacion, 194 F. 3d 363, 372 (2nd Cir. 1999).

A full list of references for this article are available at the Argentine debt restructuring Wikipedia page

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Disclaimer

Academic and Informational Notice

This document has been generated by an Artificial Intelligence for educational and informational purposes only. The content is derived from publicly available data and aims to provide an academic overview of complex financial and legal topics.

This is not financial or legal advice. The information presented here should not be considered a substitute for professional consultation with qualified economists, financial advisors, or legal experts. Always seek advice from appropriate professionals for any specific financial or legal matters.

The creators of this content are not liable for any errors, omissions, or actions taken based on the information provided herein.

Argentina's Financial Crucible

💡 Dive in with Flashcard Learning! 💡

Overview ℹ️

💰 Initial Restructuring

⚖️ Holdout Disputes

🤝 Resolution and Renewed Challenges

The Economic Crisis of 1998-2002 📉

📉 Economic Contraction

💸 Currency and Inflation Impact

🌍 Investor Landscape

The Holdout Problem and Vulture Funds ⚖️

🦅 Speculative Acquisition

🏛️ Legal Tactics and Lobbying

📜 The Pari Passu Clause

Judicial Battles and Deadlocks ⚔️

🧑‍⚖️ U.S. Court Rulings

🚫 The RUFO Clause Dilemma

🛑 Supreme Court and Market Impact

Macri Presidency: Seeking Resolution 🤝

🏁 Election and Mandate

✅ Settlement and Ratification

📈 Market Reintegration

Fernández Presidency: New Restructuring 🗣️

🔄 Debt Renegotiation

⚠️ Renewed Default

📊 Accord and Rating Upgrade

Related Topics 🔗

📈 Economy of Argentina

🌀 Argentine Monetary Crisis

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References

📜 References

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Disclaimer ⚠️

📜 Academic and Informational Notice

Dive in with Flashcard Learning!

Overview

Initial Restructuring

Holdout Disputes

Resolution and Renewed Challenges

The Economic Crisis of 1998-2002

Economic Contraction

Currency and Inflation Impact

Investor Landscape

The Holdout Problem and Vulture Funds

Speculative Acquisition

Legal Tactics and Lobbying

The Pari Passu Clause

Judicial Battles and Deadlocks

U.S. Court Rulings

The RUFO Clause Dilemma

Supreme Court and Market Impact

Macri Presidency: Seeking Resolution

Election and Mandate

Settlement and Ratification

Market Reintegration

Fernández Presidency: New Restructuring

Debt Renegotiation

Renewed Default

Accord and Rating Upgrade

Related Topics

Economy of Argentina

Argentine Monetary Crisis

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Academic and Informational Notice