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Paul Singer praises Macri but warns about negative impact from Collective Action Clauses

Wednesday, April 27th 2016 - 10:44 UTC
Full article 16 comments

Financier Paul Singer again took to the US media to celebrate Argentine President Mauricio Macri’s decision to settle with the so-called “speculative” creditors, including Singer’s own Elliott Management, with an article in the Wall Street Journal heaping praise on his business-friendly approach and willingness to negotiate with the holdouts. Read full article

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  • yankeeboy

    Singer doing another lap of honour

    Macri in his pocket

    K thugs on trial

    yankeeboy happy

    Apr 27th, 2016 - 11:13 am - Link - Report abuse 0
  • chronic

    Tick tock.

    Apr 27th, 2016 - 11:53 am - Link - Report abuse 0
  • yankeeboy

    Tickety tock

    Apr 27th, 2016 - 12:05 pm - Link - Report abuse 0
  • Skip

    Everyone seems quite happy.

    Why didn't anyone predict that?

    Apr 27th, 2016 - 12:30 pm - Link - Report abuse 0
  • yankeeboy

    4. Skippy

    I am always happy

    No need to predict it

    Skip along now.

    Apr 27th, 2016 - 12:36 pm - Link - Report abuse 0
  • Skip

    Indeed.

    Apr 27th, 2016 - 12:41 pm - Link - Report abuse 0
  • Briton

    Collective [ Santa ] Clauses ??

    Apr 27th, 2016 - 01:01 pm - Link - Report abuse 0
  • Marti Llazo

    “ Don’t Laugh For Me: Why Argentina’s Bond Market Fairy Tale Is Just That”

    https://fronteranews.com/news/latam/argentina-make-believe-happy-ever-after/

    Another observation that the current government has no real plan.

    Apr 27th, 2016 - 01:07 pm - Link - Report abuse 0
  • chronic

    Yep. Strategic planning is non existent.

    Macaroni seems only to exist on a reactionary plane.

    I continue to be impressed at the lack of exceptional talent that rg has access to.

    Tick tock.

    Apr 27th, 2016 - 01:43 pm - Link - Report abuse 0
  • Enrique Massot

    Surprise surprise! Paul Singer doesn't like the collective action clauses that could put in risk operations as profitable as the one he and others did in Argentina! What's next? A crowd funding operation to help vultures deprived of their carrion?
    Of course, the seal chorus above avoid commenting on the subject and prefer to resort to their usual nonsense or stereotypical cliches.

    Apr 27th, 2016 - 03:01 pm - Link - Report abuse 0
  • chronic

    Reeeeeeekie, let them pay their debts and be free!

    Tick tock.

    Apr 27th, 2016 - 03:03 pm - Link - Report abuse 0
  • Marti Llazo

    “In the absence of enforceability, the bonds of sovereigns with questionable credit ...“

    Not naming any names.

    Maybe should be written as :

    “In the absence of enforceability, the bonds of renegade sovereigns who are historically serial defaulters......”

    ----

    Reekie, should we explain for you the tremendous public service that came out of Singer's work? How thousands and thousands of Argentine pensioners and investors are finally to be paid?

    --------
    In Argentina's case, even the presence of CACs is unlikely to provide any sort of meaningful enforceability, since Argentina has repeatedly indicated its inveterate unwillingness to abide by contract obligations when it's inconvenient or cloudy on a Tuesday. So for the next coming-soon default and restructuring, let's say that the required supermajority determines the new terms should pay on 70 percent of original capital at 6 percent over 30 years. Argentina, ever Argentina, says hell no, We Are Sovereign, which in our language means that we don't have to abide by contract terms or vultures' terms, so we'll see this restructuring by reducing the capital basis to just 30 percent of the original and pay 2.5% on that over 40 years. And patria o buitres and you can take it or leave it.

    And then some Pablo Singer IV comes along and starts some seizure actions and.... we've already seen this movie.

    Apr 27th, 2016 - 11:36 pm - Link - Report abuse 0
  • Hepatia

    So, when is Singer going to return US taxpayers' money?

    Apr 28th, 2016 - 03:00 am - Link - Report abuse 0
  • Skip

    “...return US taxpayers' money?”

    Hmmmm about 25 years I think is the going rate!

    Apr 28th, 2016 - 06:51 am - Link - Report abuse 0
  • Lucifer

    Reminds me of “be careful what you wish for”

    Apr 28th, 2016 - 11:59 am - Link - Report abuse 0
  • VoiceOver

    “when is Singer going to return US taxpayers' money?”

    around the time when the British Falkland Islands are returned to Norway.

    May 01st, 2016 - 06:01 pm - Link - Report abuse 0

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