Republican Billionaire Spearheads Campaign to Link Argentina to Iranian ‘Devil’
Republican Billionaire Spearheads Campaign to Link Argentina to Iranian ‘Devil’
Inter Press Service / By Charles Davis
Paul Singer's attempts to paint Argentina as an ally of Iran come as the billionaire seeks to profit from the Latin American country's debt.
Republican donor Paul Singer.
Photo Credit: World Economic Forum/Flickr
July 30, 2013 |
When Argentina defaulted on its national debt in 2001, U.S. hedge funds swooped in to buy the nation’s bonds at pennies on the dollar, confident they would eventually prevail in the U.S. legal system and force the country to pay out in full.
That battle is set to reach the Supreme Court later this year, but the country’s creditors on Wall Street – labeled “vulture capitalists” by their critics – are also making their case in Congress and the court of public opinion, with a current media campaign aimed at painting Argentina as an increasingly rogue nation in bed with Washington’s enemies.
The public relations effort, which focuses on Argentina’s increasingly friendly relations with Iran, comes as the administration of U.S. President Barack Obama is weighing whether to side with Argentina before the Supreme Court in its battle with Wall Street. According to The Washington Post, officials from the Justice Department, Treasury Department and State Department met Jul. 12 with lawyers from both sides to discuss the case.
In previous court filings, the Obama administration has argued that Argentina’s debt is not a matter for the U.S. legal system, reflecting concerns that a victory for its holdout bondholders could cause another default and complicate future debt restructuring plans for other nations.
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http://www.alternet.org/world/paul-singers-campaign-links-argentina-iran