Loading...
Loading...
Click here if you don’t see subscription options
Argentina's president Cristina Fernandez has called the hedge funds 'vultures' (CNS photo/Enrique Marcarian, Reuters)

The U.S. Supreme Court declined to hear an appeal on June 16 from Argentina of an order to pay a so-called vulture fund $1 billion. That decision lets two lower federal court rulings stand, and Argentina now must turn over information about its U.S. bank holdings. Eric LeCompte, executive director of Jubilee USA, said that because of this decision it is now open season on the assets of other heavily indebted poor countries. “It has incredible impacts in terms of how the financial system operates, how poor countries have the ability to become middle income countries,” he said. LeCompte fears that the floodgates could open for other hedge funds to recover the assets of defaulting countries, to the detriment of poor citizens. “A small group of hedge funds—less than 100 engage in this predatory behavior—are the winners. The losers are most of us. The U.S. government, the International Monetary Fund, legitimate Wall Street investors who supported Argentina and any poor country that would qualify for debt relief are the losers.”

Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.

The latest from america

Latin Mass, Eucharistic Revival, real presence: In every age—including our own—the church has seen a complex Eucharistic landscape.
Louis J. CameliJuly 30, 2025
A Homily for the Eighteenth Sunday in Ordinary Time, by Father Terrance Klein
Terrance KleinJuly 30, 2025
Acceptance of changing tides was a major theme at the recent Conference of Major Superiors of Men National Assembly.
Catholic digital content creators reflect on their experiences at the Vatican's first-ever Jubilee of Digital Missionaries and Catholic Influencers.