In parts one and two I looked at how Argentina came to default and at how Vulture funds manage to take entire nations to court and contrive to enforce court judgements upon them. They were concerned with history and the law of sovereign defaults. In this last part I want to look more broadly at …
Argentina and America – of Vulture Funds and Justice. Part Three Read More »
Sub -level Three. Vulture world. Without carrion eaters the world would be strewn with corpses. Vultures eat the dead. Vulture funds, however, eat the still living. Argentina defaulted on its debts. It borrowed money, said it would pay it all back, signed contracts binding it to that promise and then reneged. It forced its creditors …
Argentina and America – of Vulture Funds and Justice. Part 2 Read More »
Revealing news this today – According to Frankfurter Allgemeine Credit Default Swaps for many of Europe’s biggest banks shot up yesterday. And what is most interesting is which banks fared worst: the big two in Spain, BBVA and Santander and in Germany, Commerzbank. Why should CDS costs shoot up yesterday? Well yesterday was, as I noted in …
Bond holders hint at the real state of Europe’s banks Read More »
Just a quick bond market note. ftse was down about 40 points this morning as were all the other European markets. Mid morning they all went vertically up. The reason, as Market Watch printed as a headline, “Portugal sale helps spirit”. This was the news that Portugal managed to sell about one billion euros of …
