This Case is about INTERNATIONAL BUSINESS, POLICY
PUBLICATION DATE: July 08, 2015 PRODUCT #: TB0395-PDF-ENG
Argentina’s default on its foreign currency dominated sovereign debt in 2001 proved to be an endless nightmare. In June 2014, 13 years after the default, the U.S. Supreme Court had affirmed a lower court opinion which would drive Argentina to contemplate defaulting on its international debt obligations once again. However, the storyline proved to be a twisted one, which contained investors in both the United States and Europe, international fiscal law, a conflict between hedge funds and so called vulture funds (funds which bought distressed sovereign debt at incredibly low costs and then pursued total repayment through litigation), and State of New York and European Union courts. Time was running out.
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