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Billionaire’s Hedge Fund Rebuffs NY Fed In Argentina Case: No Risk To $2.6T Payments System

Forbes – A hedge fund owned by billionaire Paul Singer disputed the New York Fed’s opinion that a court ruling in its battle against Argentina over the world’s largest sovereign debt default could disrupt its payments system and global bond markets.  Sources close to the matter also raised doubst that a judgment against Argentina, which could push the country into technical default, would render debt restructurings useless by incentivizing creditors to hold out.

After Finance Minister Hernan Lorenzino characterized the court’s decision as “judicial colonialism,” Argentine authorities insisted that they refuse to pay what President Cristina Kirchner has dubbed “vulture funds,” and said they would take the case to the U.S. Supreme Court if an appeal didn’t prosper.

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