Hedge Fund Pressures Peru to Pay Back 40-Year-Old Debt

(Financial Times) A US hedge fund is ratcheting up its campaign to convince Peru to repay $5bn of long-defaulted 40-year-old bonds by threatening to sue the country under a free-trade agreement with the US. Gramercy, an emerging markets-focused hedge fund, has snapped up a series of bonds issued to landowners after their property was seized by a leftwing junta led by General Juan Velasco.

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