P.T. Barnum was right!
The government of Argentina, that model of stability, prudence, and sobriety stretching back generation upon generation, has decided to rejoin the world, and settle up on its old sovereign debt defaults. The bondholders just have to take a 60% haircut, that's all.
Easy-peasy.
Then, they plan to issue NEW sovereign debt, at an attractive rate of interest.
And, there are money managers out there planning to buy in!
Could it be they know, when push comes to shove, they can now dump the resultant losses on the US Treasury and taxpayer?
In the great Latin American tradition of 'La Mordida', how much kickback money should we estimate will funnel its way back to those managers as they make those purchases with their clients' funds?
This should turn out well...it's a sure thing. Where do we sign up?
Argentina Legislation Aims to Settle Bond Dispute - WSJ.com
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