The 72-year-old from the state of Argentina has once turned into a pariah state, fearing that her # presidential planes will fly into the air or dock her # naval ships in a number of cities abroad, fearing that By his lawyers.
We'll tell you his story, and how Singer, the hedge fund manager with just 300 employees, has made the 43 million nation, which Fitch expects to skip its $ 1 trillion economy in 2019, literally lie on its knees.
The roots of the story
The story begins since the Great Depression of Argentina (1998-2002), where Argentina released as unprecedented from # government bonds, and most US investors were the buyers of these # securities.
The Argentine economy fell by 28%, and the country fell by $ 82 billion in bonds, the worst in its history.
Most creditors, or 93% of them, agreed to get only 30% of the amounts due to them, but the rest, including Singer and a number of other hedge funds, declined the deal, insisting to get 100 cents for each dollar of the face value of those bonds .
The group saw that the Argentine government could pay more than it offered, and advised other creditors that they were not obliged to accept the deal they described as bad.
The Elliot Management hedge fund, founded by Singer in 1977, became the general representative of the investors who rejected the deal. Wall Street's main activity was to buy troubled companies and then reorganize them.
The rebel group, which does not exceed 7 per cent, succeeded in issuing a court order in 2012 that would prohibit Argentina from paying the 93 per cent agreeing to the deal before paying the full face value of Singer's and its partners' bonds.
The reason for this decision is # international concerns about the ability of a small minority of investors to withhold a debt restructuring agreement that has been negotiated for years, and the referee has been criticized internationally, especially in the United States.