Well, well, well.
The Washington Post is reporting that the Obama administration may soon weigh in in Argentina’s legal battle with the so-called “vulture funds.” According to the paper, the administration “must decide whether to back a foreign government against a group of U.S. hedge funds and other investors who bought Argentine debt.”
The Post says that Justice Department officials met two days ago with legal representatives from both Argentina and NML Capital, a subsidiary of a hedge fund called Elliot Management owned by Paul Singer. The U.S. government is apparently considering the “unusual step” of entering the bondholders’ lawsuit that this country is facing. The newspaper adds:
Forcing sovereign nations to repay their overdue debts is a controversial topic in the developing world and in the halls of U.S. government agencies. Bondholders who buy defaulted debt at a discount are often derisively called “vulture capitalists” for trying to profit from the financial woes of struggling nations.
Even though Argentina has suffered some setbacks in the New York lower courts, the Justice Department has so far sided with us on several issues as the legal battle progresses. So the US is now considering “whether to file a brief at the Supreme Court focused on defending the concept of sovereign immunity, which gives nations protection from lawsuits, according to people familiar with the Friday meeting.”
Yay! Does this mean we get to bump fists again soon despite the whole “we’ve been spying on you for years” thing? Is Obama trying to play nice now that Latin America is up in arms because of the whole Snowden affair? Unclear.
For now let’s just pretend everything is forgotten and wait for the Obama administration to save us from impending doom. Then we can be outraged again by his less than honorable espionage practices, which he even liked to brag about right in front of our eyes. We were just not smart enough to notice:
I spy… pic.twitter.com/5KEpqgbA
— Barack Obama (@BarackObama) February 15, 2013