The subject of the legal battle is the payment for the bonds that have been issued before the Argentine sovereign default in 2001. While most of the bondholders participated in two bond-swaps, basically allowing the country to restructure its debt and extend the maturity of its bonds, some bonds ended up in the hands of so-called "vulture funds". Such funds are specialized in extracting value from "troubled" bonds. While some vultures feed on the carcases of animals, the "financial vultures" try to use the courts for making issuers pay in full for the bonds acquired by the "vulture funds" at steep discounts.
Comment: No doubt the fact that Argentina is getting closer to the BRICS organisation and the Non-Petrodollar world is a major incentive for the US to push the South American country closer to the abyss. Will Argentina buckle and tow the US line or will the BRICS countries perhaps rally up behind Argentina?
Comment: The US supports vulture capitalism. Economic blackmail is but one instrument to bring countries to support the empire. The following books describe it well: An economic hitman by John Perkins and Shockdoctrine by Naomi Klein.
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