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It’s Pensioners on the Side of Hedge Funds Making Their Case Against Argentina

DealBook – Maria Teresa Muñoz, a retired secretary from Buenos Aires, has something in common with Paul E. Singer, the billionaire hedge fund manager who is suing Argentina’s government.

They are both “holdouts” — the term given to owners of defaulted Argentine sovereign debt who refused to swap their debt for restructured government bonds that had a much lower value. Instead, they have chosen to hold out, in the hope that the government will one day repay them in full. Argentina’s government, led by President Cristina Fernández de Kirchner, vigorously rejects these claims.

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