Argentina accuses default hedge funds of ‘fraudulent manoeuvres’

Cabinet chief Jorge Capitanich says Argentina will ask the SEC to probe funds who made “incredible profits” from the country’s recent default.

Argentina will ask the US markets watchdog to probe two hedge funds involved in its $1.5bn default, saying that they used “fraudulent manoeuvres” to make “incredible profits”.

Cabinet chief Jorge Capitanich has said he will urge the Securities and Exchange Commission to act after the unnamed funds allegedly made money from “privileged information”.

Argentina officially defaulted on Friday after the International Swaps and Derivatives Association ruled that its failure to pay $539m to its creditors earlier this week constituted a “credit event”

Read on.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s