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Argentina to Pay “Vulture” Fund $832 Million for Bonds Bought for $49 Million

Global Research – Paul Singer, the billionaire hedge fund manager, has claimed victory in a lawsuit to force Argentina to fork out almost 17 times more than he paid to buy bonds issued by the country.

After Argentina’s economy crashed in 2001 and it defaulted on $80 billion in bonds, Singer’s Elliott Capital Management paid $49 million to buy $220 million in Argentine debt. Over the last 13 years, the value of these bonds has risen to $832 million which Singer wants paid off in full. Singer has been joined by several other Wall Street speculators such as Aurelius Capital Management and Blue Angel who together hold a total of $1.3 billion in Argentine debt.

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