Amy Goodman
@DemocracyNow·3.2M subscribers·19.4K videos
The Vulture: How Billionaire Rubio Backer Paul Singer Made Billions off Argentina Debt Crisis
Posted
March 11, 2016
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6:57Now PlayingArgentina has reached an agreement to pay U.S. hedge funds that have sought for 14 years to profit off the country’s debt. The hedge funds bought up Argentina’s debt for bargain prices after its financial crisis, then demanded full repayment. Former Argentine President Cristina Fernández de Kirchner had refused to pay the firms, calling them "vulture funds." But under new rightwing President Mauricio Macri, Argentina has agreed to pay $4.65 billion to four hedge funds, including Elliott Management, run by billionaire Paul Singer. The deal would see the hedge funds take about 75 percent of what they demanded from Argentinaseveral times more than what they actually paid for the debt. Singer’s fund itself netted $2.4 billion10 to 15 times its original investment. We speak to journalist Greg Palast. His recent article is called "Rubio’s Billionaire Wins Ransom from Argentina."
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