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Argentina Seeks to Resolve Defaulted Debt Issues, While “Vulture Funds” Are Determined to Undermine Process

This analysis was prepared by COHA Director Larry Birns and COHA Research Associate Nicholas Maliska
November 10, 2009

- Ill-reputed funds threaten to seize Argentine state assets by means of Public Seizures

The Argentine government recently announced a plan to offer a debt swap to investors still holding US$20 billion (plus interest) in unpaid bonds from the country’s 2001 debt default. Economy Minister Amado Boudou stated on November 7 that a proposal would be made within 30 days, which, once accepted, will likely enable the Argentine government to begin to access vital international capital markets of which it has been excluded since that year. While three banks, Barclays, Citigroup, and Deutsche Bank, representing roughly US$10 billion of the remaining defaulted bondholders, appear ready to accept this deal, a group of “vulture funds” continues to render negotiations difficult by pushing to receive the full face value of the bonds that they bought on secondary markets for pennies on the dollar. These organizations, the majority of which are based offshore the U.S. beyond effective regulation and taxation, have been using U.S. courts and unremitting Congressional pressure to compel the Argentine government to pay the full face value of these bonds. In this struggle, the “vulture funds” have found Congressman Eric Massa (D-NY) to be of inestimable value.

Deep in Debt

The present situation in Argentina stems from gross economic mismanagement in the country dating back to its military Juntas of the 1970’s and 1980’s. The country’s foreign debt skyrocketed from US$7 billion in 1976 to US$45 billion in 1983 to allegedly support large military spending projects, but much of it was siphoned off in massive corruption schemes amounting to billions of dollars. Although the IMF attempted to intervene with debt restructuring plans, such as the Brady Plan in 1992, in order to reduce the country’s debt burden, not nearly enough was done in this direction and Argentina’s debt grew to an astonishing 200 percent of its GDP by 2001.

Argentina slid into a deep recession in 1999 and by 2001, the country could no longer afford to make payments on its debt, as starvation became common in urban areas throughout the country. The government was forced to default on roughly US$81 billion in bonds in December, 2001. The economic crisis had a profound effect on the country; unemployment peaked over 20 percent and poverty was rampant. Nevertheless, soon after Argentina defaulted on its debt, the country’s economy actually began to recover in terms of its GDP, growing by 8.8 percent in 2003.

In 2005, the majority of the country’s bondholders accepted an offer made by the Argentine government for a debt swap where the investors received roughly 30 cents on every dollar for the old bonds and in some cases the yield of the new bonds was tied to the country’s economic growth. All told, 76 percent of the stakeholders accepted this deal, but the rest, including the “vulture funds,” abstained from the negotiations and held onto the face-value US$19.4 billion in bonds to try to get a better deal in the future. The Argentine Congress also passed the “Ley Cerrojo” or Bolt law in 2005, which banned any other negotiations with defaulted bondholders who might decline to accept the 2005 agreement.

Beginning in 2008, President Cristina Fernández de Kirchner stated that the Argentine government was ready to reopen negotiations with the remaining bondholders to settle their outstanding claims. However, the 2008 worldwide economic downturn put a damper on these negotiations as investors were hesitant to risk investing in all but the safest securities. Now that developing markets once again are being sought after for investment, the possibility of a deal with bondholders has reemerged. The Argentine Congress is expected to suspend the 2005 Bolt law, so that the country can put out an offer once again. Thus far, the Argentine lower legislature has passed a bill to reopen discussions of a debt swap with the holdouts, while the Senate will be debating the issue in the coming weeks, which it is also expected to approve. Details regarding the new debt swap have not been released, but it is likely to have even less alluring conditions than the 2005 agreement and is reported to come at a 65 percent discount.

What are the “vulture funds?”

The “vulture funds” are investment groups that scour the financial centers of the world in order to buy distressed or defaulted debt at absurdly low prices. They then litigate in courts and use other strong-arm tactics to pressure the issuing countries to pay the bonds’ full face value, although the “vulture funds,” themselves, had paid much less for the bonds. The “vulture funds” typically win these court cases and then seek to freeze and / or seize the state’s assets in order to force the government in question into settling the dispute to the gross advantage of the funds. Argentina has not been the first country to become a hapless target of the heinous practices of the “vulture funds,” and Ecuador, Peru, and the Congo have faced similar situations. For example, after Peru defaulted on its debt in the 1990’s, a “vulture fund” called Elliot Associates L.P. bought some of the country’s defaulted debt for US$11 million on the secondary market and then sued the country in U.S. Federal Court, which ruled in its favor. The Peruvian government ended up having to pay the “vulture fund” $58 million, representing a profit of over 400 percent.

The “vulture funds” currently hold several billion dollars of Argentina’s defaulted bonds, and although for the most part they were not the original owners, they are now some of the most active stakeholders and have kept legitimate bondholders from reaching a realistic agreement with the Argentine government. According to Reuters, one of the largest of these investment groups is Elliot Management Corp., whose subsidiaries hold roughly US$2.5 billion in Argentine defaulted bonds (including interest and judgments). Paul Singer, the founder of the “vulture fund,” Elliot Management Corp., has insisted that his investment group does not attack any country that cannot legitimately pay its debt. Nevertheless, the true nature of his enterprise became apparent when he stated in an interview with Bloomberg that “our Primary goal is to find bankruptcy situations where our ability to control or influence the process is the driver of value.” Although he is talking about bankrupt companies in this instance, the same philosophy is applicable for countries that fall into bankruptcy-like situations, in which case, his company can be expected to play the role of predator.

As of September, 2009, over 100 cases had been brought against Argentina in the New York Federal District Court, where many of the bonds were sold on the New York Stock Exchange. Other lawsuits similarly have been filed in jurisdictions around the world where Argentina issued its bonds. The cases in New York have been presided over by Judge Thomas P. Griesa, who systematically has decided against Argentina in numerous proceedings.

However, winning court cases in this country has had little effect in inducing Argentine officials to pay, and the “vulture funds” have had little luck in seizing Argentine assets abroad. Instead, the “vulture funds” have sought out U.S. Congressional members by forming a lobbying group, American Task Force Argentina, in order to place Washington’s pressure on the Argentines. They have persuaded 24 Representatives to support an initiative that would compel the Argentine government to fully pay on its defaulted debt, even though many of the current bondholders paid much less than the full value of the bonds.

H.R. 2493 – the Judgment Evading Foreign States Accountability Act – is sponsored by Eric Massa, a Democratic Representative from upstate New York, who narrowly won his seat in what is traditionally a Republican district. Although the bill has no chance of passing, its existence nevertheless puts pressure on Buenos Aires and gives opposition parties in Argentina unwarranted grounds to attack the present administration. This bill can be viewed as lobbying at its worst: self-interested investors support vulnerable legislators, usually with generous campaign contributions, to sponsor an initiative regardless of the harm it does to either this country or its allies, which like Argentina can be strategically important nations. Massa, who also introduced legislation to limit the interest rates that credit cards can impose on customers, is far off course on this bill. However, there is also an opposing bill, H.R. 2932, the Stop VULTURE Funds Act, which seeks to restrict the heinous practices of ill-reputed investors whose business is to profit off of the economic collapse of other countries.

Argentina and International Capital Markets

Argentina’s defaulted debt has had a profoundly detrimental effect on the country’s economy and its political process, as it has limited the government’s access to international capital markets. While it was almost immediately able to begin recovering from its economic collapse some three months after it defaulted on its debt, Buenos Aires has been barred from issuing new global bonds in international capital markets. Possible lenders view Argentina’s 2001 default, and the country’s inability or unwillingness to settle the dispute with a greater percentage of its bondholders, as an indication that they are a high-risk investment. Argentina has therefore been forced to seek loans from countries at interest rates much higher than those on international capital markets. Argentina’s budget is currently stretched thin as government expenditures have risen during the global recession and access to international capital markets is becoming more and more necessary in order to stabilize the country’s future.

A debt swap with the majority of the remaining bondholders will almost certainly bring confidence back for Argentina on international credit markets. Presently, the Argentine government has reached an agreement with some 76 percent of the bondholders dating back to its 2005 negotiations. However, the international financial community does not consider this a sufficient effort to settle its debt. With the addition of Barclays, Citigroup, and Deutsche bank, who together hold or represent roughly US$10 billion of the defaulted bonds, this number will come closer to 90 percent, at which point investors are likely to be satisfied that Argentina has made a good-faith effort to settle its debt and the country will now once again be allowed to access international capital markets. Other bondholders are also likely to join in with the three large banks and accept the new agreement. The “vulture funds” can be expected to continue litigating and lobbying so as to squeeze as much as they can out of Argentina, but the present government is determined not to appease them. Economy Minister Boudou recently asserted that the U.S. must isolate the “vulture funds” as they continue to undermine a solution to the country’s outstanding debt with legitimate investors.

-This is the first of a series of research findings to be issued by COHA, along with associated research organizations on the “vulture funds,” as well as the role of the U.S. Congress and Congressman Eric Massa (D-NY) in pressuring Argentina to facilitate the acquisition of billions of dollars in windfall profits from nations, such as Argentina, who are the least able to spare them.

Please click here to view the letter which COHA sent to Congressman Eric Massa and the co-sponsors of H.R. 2493, the Judgement Evading Foreign States Accountability Act.

45 Responses to Argentina Seeks to Resolve Defaulted Debt Issues, While “Vulture Funds” Are Determined to Undermine Process

  1. Irene on November 11, 2009 at 6:42 am

    I might be accused of treason against my own country (Argentina) but the saying goes "Tell the truth and shame the Devil", is'nt that it? Well then, all entailed, it is well, too well, known that right now there are some 160 billion dollars belonging to argentinian companies and individuals deposited somewhere abroad. So why, in the name of God, should our government (the most corrupt government ever known in our entire history) be allowed to rescue these "vulture funds" paying just a few cents. Definitely, I would never recomment holders to accept our goverment's offer, knowing and suffering as I am, what the Kirchners are doing to us. I would never accept anything coming from these two wretched "birds", whom we all wish that they'll soon land in jail.
    Quite possibly the IMF, Paris Club, Jusge Griesa and everybody else have'nt the foggiest idea of what the Kirchners are and do. They are worse than the Ceaucescu couple who reigned in Rumania only a few years ago, and I certainly pray and hope they'll end up the same way soon.

    Reply
  2. gherardino segalello on November 11, 2009 at 12:18 pm

    450.000 defrauded Italian savers (10.000 million €)
    they won't accept I ever exchange him/it fraud proposed by the Argentinians

    the thieves cannot subsequently defraud any savers in good faith

    segalello

    Reply
  3. eragal on November 11, 2009 at 12:34 pm

    the Argentinian doesn't respect the sentences of the judges of Frankfurt and New York that condemn her/it to pay the debt

    ERAGAL

    Reply
  4. Fabrizio67 on November 11, 2009 at 12:53 pm

    Who will ever lend money again to a crook's government ? They are doing their best in hiding their assets, intimidate creditors in accepting their "offers" (take it or nothing), buying back at vile prices their own debt driving the price with news they setup. Who is the real "buitre" here? The IMF has been paid in full and in cash (and they didn't ask for it), they stole your pension funds, what's next ? Dear Irene it's not you that might be accused of treason against your own country, but the ones that are driving it to a new catastrophe. The international image of Argentina has been seriously damaged, wake up before it's definitely destroyed.

    Reply
  5. papè satan on November 11, 2009 at 1:14 pm

    The Argentinians have stolen me the savings of a life of I work!!! THIEF WITHOUT SHAME!!!

    Reply
  6. gherardino on November 11, 2009 at 1:25 pm

    YOU CAN HAVE ALL INFO ABOUT THE INFAMOUS FRAUD OF THE CRIMINAL ARGENTINE
    BY CONSULTING:
    http://www.finanzaonline.com/forum/showthread.php…

    Reply
  7. anonimo on November 11, 2009 at 1:32 pm

    ARGENTINA ROGUE COUNTRY !!!

    ARGENTINA DECLARES TO OWN MUCH MORE THAN ENOUGH FOREIGN FUNDS TO PAY CASH ALL ITS OUTSTANDING FOREIGN DEBT.

    ARGENTINA OWNS HUGE ASSETS WHICH COULD BE USED TO BACK NEW INTERNATIONAL BORROWING.

    ARGENTINA COULD EASILY BORROW NEW LOW INTEREST INTERNATIONAL FUNDS IF IT PLEDGED TO PAY ALL ITS OUTSTANDING FOREING DEBT AND CEASED CHEATING WITH INFLATION STATISTICS AND OTHER BALANCE DATA.

    IN MANY LAWSUITS GERMAN AND U.S. COURTS RULED THAT ARGENTINA SHALL FULLY PAY ITS OUTSTANDING INTERNATIONAL DEBT.

    NEVERTHELESS:
    1) ARGENTINA IS NOT ABIDING BY COURT RULINGS.
    2) ARGENTINA IS NOT PAYING ITS DEFAULTED BONDS.
    3) ARGENTINA IS NOT PAYING ITS DEFAULTED CLUB OF PARIS LOANS.
    4) ARGENTINA IS A MEMBER OF THE IMF BUT, AGAINST IMF RULES, ARGENTINA IS NOT ALLOWING THE IMF TO AUDIT ITS NATIONAL BALANCE SHEET.
    4) ARGENTINA IS PLANNING ANOTHER FRAUDOLENT SWAP OF ITS DEFAULTED BONDS.

    ARGENTINA IS THE ONLY G20 MEMBER IN DEFAULT.

    ARGENTINA IS THE ONLY G20 MEMBER WHICH DOESN'T COMPLY WITH INTERNATIONAL FINANCE INSTITUTIONS' RULES AND OBBLIGATIONS.

    ARGENTINA OUT OF G20.

    Reply
  8. Riccik on November 11, 2009 at 11:39 am

    I hope you’re joking. argentina does not pay its debts even in the case of enforced sentences of the Courts (in my case Frankfurt, Germany) that thief country chose. It is a rogue country. In a perfect world countries like argentina should not exist. LET’S BAN ARGENTINA OUT OF THE CIVILIZED WORLD

    Reply
  9. riccik on November 11, 2009 at 5:40 pm

    If you want a lot of informations about the rogue country known as argentina you could take a look at this forum, so you can avoid, the next time, to write bullshit

    http://www.finanzaonline.com/forum/showthread.php…

    Reply
  10. riccik on November 11, 2009 at 5:41 pm

    And, in the end, long live the vulture funds. I like vultures, they clean the world from carrions

    http://www.finanzaonline.com/forum/showthread.php…

    Reply
  11. stockuccia on November 11, 2009 at 6:13 pm

    Hey, why argentina should pay less than 100% of what it received by private citizens from a lot of countries?
    argentina does not know the meaning of the words good faith.
    argentina has more than 160 billion dollars in foreign banks, according to its central bank (!).
    argentina needs a severe lesson.
    I want all my money back!

    Reply
  12. roberto on November 11, 2009 at 6:21 pm

    In certain moments I miss Mrs. Thatcher so much…
    She knew to teach argentina good manners…
    God save the Queen

    Reply
  13. Filippo on November 11, 2009 at 6:27 pm

    Larry, how much did your studies cost? And THIS is the result?
    ARGENTINA MUST PAY ITS DEBTS

    Reply
  14. el pito on November 11, 2009 at 6:41 pm

    [url]http://www.youtube.com/watch?v=8k2pKSOhHI8/url

    OBAMA – KRCHNER

    Reply
  15. fischiarello on November 11, 2009 at 6:51 pm

    [url]http://www.youtube.com/watch?v=8k2pKSOhHI8/url

    OBAMA – KIRCHNER

    Reply
  16. orabasta on November 11, 2009 at 7:45 pm

    argentina must pay its debt.
    I want my money back.
    LET'S BAN ARGENTINA OUT OF THE CIVILIZED WORLD

    Reply
  17. simpson on November 11, 2009 at 7:53 pm

    They agree Larry!
    Argentina has to live to expenses of the others!!!

    Reply
  18. andy capp on November 11, 2009 at 8:01 pm

    Put yourself in tail, first it has to give them to me… the good Larry…

    Reply
  19. Marcus Porcius on November 11, 2009 at 8:31 pm

    Dear Larry,

    vultures are of great value as scavengers, especially in hot regions. Many vulture species are critically endangered. The dramatical decrease in vulture population in India
    (up to 99,9% of the population since 1990) indeed has tragical repercussions to human society:
    The number of wild dogs carrying rabies has increased drastically.
    British and Indian scientists estimate the human death toll due to the subsequent spread of rabies
    to be about 50 000.
    Not only India is trying rescue and again increase its vulture population.
    http://www.vulturerescue.org/
    Other countries, e.g. Switzerland, are eagerly trying to renaturalize vultures.
    http://www.wild.uzh.ch/bg/frame.php?bi=0&bg=0…

    Vultures are necessary for hygienics and public welfare – in nature and in finance.
    Stop hunting vulures. Let them do their job.

    Yours sincerely,
    Marcus

    Reply
  20. Marcus Porcius on November 11, 2009 at 9:02 pm

    PS
    I forgot to cite:
    Rabies tragedy follows loss of India's vultures
    Author: Matt Walker, New Scientist, Magazine issue 2668, 12 August 2008

    http://www.newscientist.com/article/mg19926684.40…

    Reply
  21. Tiffany on November 11, 2009 at 3:12 pm

    Keep up the good work, I love to see people working on things with passion.

    Reply
  22. bloody on November 12, 2009 at 9:46 am

    nobody stole you
    you play the game, you pay the risk..the game is now over
    viva la vida,viva Argentina..
    ufffffffffffffffff awful vultures

    Reply
    • seneca il filosofo on November 12, 2009 at 6:29 pm

      the savings don't play him to the table of hazard!!!
      it learns to work
      more nobody will lend his/her own money to the thieves and the infamous ones
      nobody will put anymore a dollar in the drain of the world!!!

      Reply
    • orabasta on November 12, 2009 at 7:16 pm

      I hope that the Argentinians have what they deserve: misery and despair for decades.

      Reply
  23. seneca il filosofo on November 12, 2009 at 6:32 pm

    the savings don't play him to the table of hazard!!!
    it learns to work

    more nobody will lend his/her own money to the thieves and the infamous ones

    nobody will put anymore a dollar in the drain of the world!!!

    Reply
  24. seneca il filosofo on November 12, 2009 at 6:53 pm

    Cain and Judas were Argentinian!

    Reply
  25. ralphus on November 12, 2009 at 3:06 pm

    yes, the game is over for argentina.

    Reply
  26. mons. Benigno on November 12, 2009 at 10:13 pm

    Sunday November 29 th

    in coincidence with the visit of Cristina Fernandez de Kirchner

    POPE BENEDETTO XVI will turn a salutation during the celebration of the Angelus in Vatican

    to a group of SAVERS
    ITALIANS AND GERMAN

    STOLEN BY THE ARGENTINIAN!!!

    Reply
  27. riccardo on November 12, 2009 at 4:20 pm

    Larry, do you know that the Paris Club was formed in 1956 for a financial crisis of argentina? Military juntas` and support`s to military spending fault even that time? How can you support a country with the thief instinct inside?

    Reply
  28. mons. Benigno on November 12, 2009 at 10:28 pm

    Sunday November 29 th
    in coincidence with the visit of Cristina Fernandez de Kirchner

    POPE BENEDETTO XVI will turn a salutation during the celebration of the Angelus in Vatican

    to a group of SAVERS ITALIANS AND GERMAN STOLEN BY THE ARGENTINIAN!!!

    Reply
  29. Seneca il Retore on November 13, 2009 at 8:08 am

    Larry you have shown your ashamed nature, you don't hide your dishonesty and unfaithfulness anymore.

    Badly Larry!!

    Reply
  30. bloody on November 13, 2009 at 8:30 am

    incredible how awful this vulture are…
    speculations! vulture buy the risk, it is fair they must pay for it..
    let's clean humanity of vulture culture

    Reply
  31. Seneca il Retore on November 13, 2009 at 10:41 am

    Submit the charge to Videla! Good! You are a genius Bloody!

    Reply
  32. Rolando on November 13, 2009 at 11:14 am

    argentinians vampires

    Reply
  33. riccik on November 13, 2009 at 11:31 am

    argentina is a SERIAL DEFAULTER. it must be sentenced to death

    Reply
  34. nomoneyforargentina on November 13, 2009 at 1:13 pm

    Some argy-thief says: "you played casino and you must pay the risk".
    You might be right, but are you so dumb not to realize that actually is YOU that is paying the price ?
    At what rate can now argentina borrow new money (if any) ? 20% ? 30%?
    Problem is you won't find nobody even at 35%, and you know why ? No confidence & no playing by the rules = no money. This is the end of the movie, I can wait and keep you in default…now make your move and show me your (dirty) hand.

    Reply
  35. ALCEUZZO on November 13, 2009 at 4:13 pm

    Sin un ARREGLO DEFINITIVO CON LOS HOLD HOUT o el Club de París, lo que aún mantiene cerradas las posibilidades de endeudamiento externo, el Ministerio de Economía y Finanzas Públicas dispuso hoy la emisión de una Letra del Tesoro a 91 días de plazo por US$ 47 millones de dólares, que ya fue suscripta en forma directa por la Lotería Nacional.

    ARREGLO DEFINITIVO……. ARGENTINE BEGGARS!!!!!!!!!

    Reply
  36. riccik on November 13, 2009 at 4:19 pm

    You are becoming so much populari in Italy and Germany, Larry

    Reply
  37. Tacito on November 13, 2009 at 7:27 pm

    http://www.finanzaonline.com/forum/attachment.php…

    V E R G O G N A

    Reply
  38. Tacito on November 13, 2009 at 9:07 pm

    Gutes Nacht guter Larry.
    Buona notte buon Larry
    Good night good Larry

    Remembered to remove the scolapasta from the head

    Reply
  40. Marinetti on November 14, 2009 at 10:36 am

    http://www.finanzaonline.com/forum/showpost.php?p…

    Larry are a bad vulture!

    Reply
  41. riccik on November 15, 2009 at 2:28 pm

    Long live Eric Massa.
    argentina must pay its debts.
    Then that bastard rogue country can die

    Reply
  42. riccardo on November 15, 2009 at 2:51 pm

    Larry, argentina is a vulture country.

    Reply
  43. hhhhhh on November 16, 2009 at 8:14 pm

    What a funny article!
    Not a sigle word about the 200 billlllions argies mantain abroad and not a word about the italian 'buitres' it is only the usual payb pumper's piece.

    Reply

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