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Summary The Argentine Dilemma: “Vulture Funds” and the Risks Posed to Developing Economies CA$6.44   Add to cart
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Summary The Argentine Dilemma: “Vulture Funds” and the Risks Posed to Developing Economies
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its notes for Doyan's "The Argentine Dilemma: “Vulture Funds” and the Risks Posed to Developing Economies"

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  • March 10, 2023
  • 1
  • 2022/2023
  • Summary

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T.J. York

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The Argentine Dilemma

Doyran does a good job explaining the nature of vulture funds and the nature of transnational

finance to consider other potential issues. I want to rephrase something mentioned by Doyan in

defining vulture funds "...where holdout creditor through the secondary market buys distressed

assets at a discount, then refuse to participate in sovereign debt restructuring". So in other words,

holdout creditors have the most to gain (cited as over %1600 in returns) from a national default

that would likely allow them to buy cheap assets when national economies collapse (when

nations rely on the globalized/neo-liberal free market forces of transnational creditors who

purchase sovereign bonds or other investments). They refuse to participate because while they

could potentially make strategic gains through sovereign debt restructuring, they have more to

gain if they either get Griesa's ruling which would enact the RUSO clause, or if there is no debt

restructuring plan at all.

The other interesting thing this article mentioned was the conflict of interest essentially between

the IMF and U.S. Treasury represented through the Sovereign Debt Restructuring Mechanism

and Collection Action clause, as well the countries who supported and were against Argentina.

As to what that represents in my opinion should of been discussed, likely other veiled financial

interests of conflict, not fully covered in this article.

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