I am in a dilemma. A US court has found the Argentine authorities in contempt after failing to pay off a substantial loan to two US Hedge Funds, NML Capital and Aurelius Capital Management. The Argentines in refusing to obey the court say that the US in interfering in their domestic policies.
The Hedge Funds bought the debt at a huge discount and motivated purely by greed, hoped to recover the full amount from the South Americans. The dilemma arises from an inability to decide which pleases me most; the dire economic situation of a sovereign state (Argentina) that invaded the territory (The Falklands) of the UK or the possibility of the Hedge Funds making huge and significant losses.
Sadly, whatever outcome the real losers will be the ordinary people of Argentina, pawns in a game beyond their knowing.
Tuesday, 30 September 2014
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