As Argentina’s post-default economic miracle continues – the economy is expected to grow at 9% in 2006, and could repeat the performance in 2007 as well – the 2001 default and subsequent debt restructuring is fading ever further into history.
International investors are snapping up the bonds not only of the sovereign but of the provinces as well.
Amid the economic euphoria, one group of investors is feeling rather left out: the holders of original, defaulted Argentine bonds that declined to enter into the country’s debt exchange. Judge Thomas Griesa, the federal judge hearing most of the US bondholders’ litigation, has generally not given them what they’ve wanted – so they’ve now decided to set up a...
