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Is JPMorgan About To Bailout Argentina?

Tyler Durden's picture




 

Update: According to Ambito the deal is a no go as Italian bondholders (and likely all others) claim that a private deal with a buyer of holdout bonds would also trigger the RUFO clause, thus making the deal meaningless and forcing Argentina to payout billions more. From Ambito:

Italian bondholders say a private agreement also would trigger the clause RUFO

 

The representative of a group of debt holders Argentina Italy, Tulio Zembo said that any agreement between private RUFO also would trigger the clause.

 

"I do not understand the idea of banks because that would trigger the RUFO" Economy Minister said yesterday. Please do not help us because it makes the situation worse," said Zembo in dialogue with Radio La Red

 

"All that is settlement discussion will have to olvidárselo until January 2015, because you can not argue," he said.

 

For the representative of Italian bondholders "the drama of a default is when the debtor is kneeling and can not pay, that would be a problem, here's a serious problem but should concentrate all legal guns to go," he said by way of conclusion.

* * *

With Argentine politicians explaining that "Argentina is not in default" and ISDA set to decide if last night's default is an 'official' trigger event for CDS, it appears Kirchner, Kicillof, and their (k)omrades may have found an angel. The initial 'bailout' plan, by which Argentine banks bought the holdouts defaulted debt (then promptly acquiesced to Argentina's old debt-swap agreement), failed last night; but, as WSJ reports, JPMorgan is in discussions to buy the defaulted bonds of Argentina's holdout creditors. While this would not impact the default decision (that is history), it would speed up the exit from default rapidly. Of course, JPM is not doing this out of love for Argentina, we suspect they are on the hook for a few billion CDS and need some cheapest-to-deliver bonds to help them through the settlement process.

 

It appears most have taken profits or unwound positions in CDS over the last few years but there remains around $20 billion notional outstanding in Argentina CDS

 

CDS has surged...on expectations of a trigger being called by ISDA


As WSJ reports,

Still, the bonds remain at lofty prices because some investors seem hopeful that Argentina can quickly emerge from default. Many were focusing on a potential private-sector solution. Argentine press has reported this week that private-sector banks are trying to hatch a plan to help Argentina pay off the debt.

 

...

 

J.P. Morgan is in discussions to buy the defaulted bonds of Argentina's holdout creditors, according to a person familiar with the matter.

 

Buying the bonds is one of many options, and the talks between J.P. Morgan and Argentine bondholders were still fluid, the person familiar said.

 

...

 

"The expectation of a bank deal is supporting bond prices," said Siobhan Morden, head of Latin America strategy at Jefferies LLC. "But it's difficult to trade these headlines when you're getting whiplashed" by sharp price moves in thin trading. "Most people have adopted their view, taken their positions, and waited to see what the final outcome will be," Ms. Morden said.

*  *  *

We note that a handful of Wall Street banks earlier this year pitched bond sales that would have paved the way for a deal between Argentina and its holdout creditors. Argentine officials didn't approve the proposals then... maybe they will now...

 

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Thu, 07/31/2014 - 10:49 | 5027209 Quinvarius
Quinvarius's picture

JPM has the Argentina strain of financial Ebola!  What stage of grief is bargining again?

Thu, 07/31/2014 - 10:53 | 5027229 zorba THE GREEK
zorba THE GREEK's picture

How does one bankrupt entity bail out another bankrupt entity?

Must be that "new math" that I missed in school.

Thu, 07/31/2014 - 10:55 | 5027238 pods
pods's picture

Wow, where is JPM going to get all the cash to buy these bonds?

It is not like they can just borrow it from the FED for nothing.

pods

Thu, 07/31/2014 - 11:00 | 5027262 fonzannoon
fonzannoon's picture

maybe JPM is doing it to discourage Argentina from engaging with bilateral trade with the bric's and cementing their status of being a part of the almighty dollar.

or maybe JPM just has that much cash. either way if they can pull it off it saysa lot. instead of the banks being taken down when soveriegns default it's the banks buying the soveriegns after they default.

Thu, 07/31/2014 - 11:06 | 5027299 Richard Chesler
Richard Chesler's picture

God bless JPM as they try to save US taxpayers some money!

 

Thu, 07/31/2014 - 11:07 | 5027302 Manthong
Manthong's picture

It's not cash.. it is credit that can be synthesized to infinity (from the Fed of course)..

Until it can’t.

Thu, 07/31/2014 - 11:17 | 5027334 strannick
strannick's picture

The JPM Sovereign Put. Let the deficits begin! (Continue to be more precise)

Thu, 07/31/2014 - 11:18 | 5027351 nopalito
nopalito's picture

Argentina's affairs are just so Messi.

Thu, 07/31/2014 - 11:34 | 5027438 eatthebanksters
eatthebanksters's picture

Does anyone think the ISDA would actually let this be an event that really triggers CDS?  No way, Jose! Watch!

Thu, 07/31/2014 - 12:10 | 5027613 Cacete de Ouro
Cacete de Ouro's picture

And when will a Goldman (or JPM) syndicate step in with gold backed loans? Or is Argentina's 61 tonnes of gold all out on deposit with the bullion banks already (i.e. Disappeared and sold on in Zurich and London)?

Thu, 07/31/2014 - 12:29 | 5027710 Manthong
Manthong's picture

“Does anyone think the ISDA would actually let this be an event that really triggers CDS?”

The ISDA ( International Suspension of Defaults Association) is there to rig that market so as to keep the scam alive and assure that a default never happens.

Thu, 07/31/2014 - 13:34 | 5028042 SWRichmond
SWRichmond's picture

If "Selective Default" doesn't mean "default" clearly enough to trigger CDS...oh, I see, it's "selective"...

Thu, 07/31/2014 - 11:17 | 5027347 max2205
max2205's picture

The Fed is giving JPM the mulga...don't be fooled

LTCM is on line one Janet

Thu, 07/31/2014 - 13:08 | 5027918 jarana
jarana's picture

JMP to Argentina:

- Vuestra basura es lo que nos da de comer. Muchas gracias.

Thu, 07/31/2014 - 11:03 | 5027283 sodbuster
sodbuster's picture

pods- JPM can probably buy at a deep discount, and the Fed will probably give them full face value!

Thu, 07/31/2014 - 11:25 | 5027400 SoDamnMad
SoDamnMad's picture

Must be JP Morgan has sniffed out some real gold down there. Do you think?

Thu, 07/31/2014 - 12:20 | 5027671 Took Red Pill
Took Red Pill's picture

JPM A.K.A. Uncle Sam

Thu, 07/31/2014 - 10:56 | 5027245 PartysOver
PartysOver's picture

Its called "Common Core" where you get a trophy for trying.

Thu, 07/31/2014 - 11:30 | 5027417 lester1
lester1's picture

"Math Death" - George W Bush

Thu, 07/31/2014 - 11:39 | 5027471 BanksterSlayer
BanksterSlayer's picture

It's the same "new math" that prompts a Debt-Full nation to impose sanctions on a Debt-Free one.

Thu, 07/31/2014 - 11:54 | 5027537 Renewable Life
Renewable Life's picture

Lets be clear, IMO, no bank is ever "bailing out" a Country!!! Another propaganda, headlining, bullshit narrative, being pushed by someone on a very large hook!!

These GD central bankers have become victims of their own bullshit, and they REALLY believe that they can "talk"'down or out of any problem without actually facing the problem, thus avoiding the whole damn thing!!

It's has worked a dozen times or more since 2008, so their delusion is not without merit, however delusion all the same!

I liken it to when your raising your children, and at some point, both the parents and child's self interest sync up, and parenting seems like a breeze!! You tell them to clean their room and you'll buy them a toy, and everything feels glorious!! However, when the child gets to an age that they "want things" the parents know are not in their best interest, that's when the SHTF and you find out what it's all about!!

Up until recently, the Citizens (parents) and the Wall Street Central Bankers (children) have been living in self perceived, self interest harmony, but pretty soon the parents are going to have to face the reality, its discipline time now!!!

Thu, 07/31/2014 - 11:25 | 5027360 Tall Tom
Tall Tom's picture

JPM has the Argentina strain of financial Ebola!  What stage of grief is bargining again?

 

The third stage.

 

Denial

Anger

Bargaining

Depression

Acceptance

 

Actually the Financial System implosion is something which we can survive if we are prepared. I have innoculated myself with Gold and Silver.

 

Ebola, on the other hand, does not give a damn about Socioeconomic Status. It is the great equalizer as the Financial Elite, as well as the Homeless on the streets, are equally susceptable to horrific deaths.

 

With Ebola nothing else matters.

 

There will be Tens of Millions, if not Hundreds of Millions, dead by Christmas.

 

You, or I, or both, may be dead depending upon the actions or inactions of Multinational Corporations and World Governments.

 

The most pressing problem which we face currently is this Pandemic. Nothing else matters. (I will guarantee that nothing Financial will matter if we are dead.)

Thu, 07/31/2014 - 11:37 | 5027461 NoDebt
NoDebt's picture

"There will be Tens of Millions, if not Hundreds of Millions, dead by Christmas."

Duly noted.

Thu, 07/31/2014 - 12:02 | 5027582 Renewable Life
Renewable Life's picture

It's possible that globally we will reach 100 million by Christmas if this bitch jumps the chain, however in the West, two equally terrifying things will occur: first the outbreak will be real and shake the average citizen from their self induced, fiat created coma of invincibility!! Second, the Federal and State governments will declare martial law to impose this quarantine that will be required to stop this outbreak!!

If you thought America was never the same after 911, wait until you wake up, post pandemic Ebola outbreak!! If of course, your one of the lucky ones, who makes it!

Thu, 07/31/2014 - 10:49 | 5027211 youngman
youngman's picture

Isnt JPM a part owner of ISDA...?????

Thu, 07/31/2014 - 12:27 | 5027699 RaceToTheBottom
RaceToTheBottom's picture

ISIS, 

Islamic State of Iraq and the Levant
Thu, 07/31/2014 - 10:51 | 5027214 SHEEPFUKKER
SHEEPFUKKER's picture

I guess it's not all over but the crying in Argentina

Thu, 07/31/2014 - 10:50 | 5027217 zorba THE GREEK
zorba THE GREEK's picture

JPM is part owner of Obama

Thu, 07/31/2014 - 10:51 | 5027218 youngman
youngman's picture

Is this where GS runs to the treasury to ask for a bailout on the CDS that AIG cannot pay..and make a quick 12 billion overnight

Thu, 07/31/2014 - 10:50 | 5027219 EverythingEviL
EverythingEviL's picture

Just what in the hell does trigger CDS?

Thu, 07/31/2014 - 10:56 | 5027241 SHEEPFUKKER
SHEEPFUKKER's picture

Nothing apparently

Thu, 07/31/2014 - 11:18 | 5027349 ShorTed
ShorTed's picture

Even if you're defaulting on bonds you already defaulted on?  Jeez, I gotta ge me some of that.

Thu, 07/31/2014 - 11:02 | 5027269 Groundhog Day
Groundhog Day's picture

CDS is a joke. its like buying insurance on a nuclear disaster in your area..  You keep paying premiums, but if a disaster strikes, good luck collecting

Thu, 07/31/2014 - 10:51 | 5027222 syntaxterror
syntaxterror's picture

Is that other maggot bank, Goldman, swooping in to eat some of the carcaas too?

Thu, 07/31/2014 - 11:00 | 5027260 optimator
optimator's picture

Warum nicht.

Thu, 07/31/2014 - 11:36 | 5027224 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Translated the FED is using JPM to bailout hedge funds. Can't have pensions or 401ks take a hit during an election year.

 

Thu, 07/31/2014 - 10:52 | 5027225 PlusTic
PlusTic's picture

JPM=FED...so the FED is bailing out Argentina

Thu, 07/31/2014 - 11:16 | 5027339 HamRove
HamRove's picture

Exactly

Thu, 07/31/2014 - 10:54 | 5027231 buzzsaw99
buzzsaw99's picture

as long as the maggot holdouts get their bonus fuck the 40 million people in Argentina. It's the maggot way.

Thu, 07/31/2014 - 10:58 | 5027251 seek
seek's picture

It's not bondholders that are fucking the Argentinian people, it's their own government. Just like the US. You can't blame the bond holders for looking out for their own interest any more than you can blame a ZHedger for exchanging worthless dollars for gold.

Thu, 07/31/2014 - 11:09 | 5027303 buzzsaw99
buzzsaw99's picture

those maggot holdouts bought those bonds for pennies. then they found a corrupt usa judge to rule in their favor. argentina should have converted all their assets into gold and then defaulted entirely. fuck new york, fuck the hedge funds, fuck the banks and billionaires. soros must be slipping if he missed this opportunity to screw an entire nation for personal gain.

Thu, 07/31/2014 - 11:48 | 5027511 foxenburg
foxenburg's picture

@buzzsaw. they didn't need a corrupt judge. the contract was in usa law and in simple english. an intelligent 10 year old would have come to the same decision. what is it about "equal treatment" that you do not understand? the argentines are serial thieves. 

Thu, 07/31/2014 - 15:14 | 5028614 jmc8888
jmc8888's picture

Well did you know that if Argentina paid the holdouts (who bought the worthless debt at pennies), it would be MORE then they paid the people they paid the restructured debt to?

Now, since we've established that, does this have any ramifications?

Yes, the RUFO clause would of been triggered, the right under future offer.  What is this?

Simple it means the deal they got with the restructured debt meant they could not give the holdouts more then they gave those that agreed to the restructure.

If they did...the following would happen.

1. Argentina heads, could be sued.

2. Argentina heads, could be jailed.

3. The restructured debt, would default to a higher level, and thus INCREASE Argentina's debt by 200-500 billion dollars.

 

So why would Argentina pay those that took no risk, because they bought it for pennies AFTER the default, they aren't the original owners....

And by doing so not only reward those that didn't invest with them, but also risk personal financial costs and jail time to do so?  Not only that they would make their national debt skyrocket by 200-500 billion dollars!

Do you understand that?  By paying this, they would be out that money + 200-500 billion MORE!

You think that is a prudent move?  Do you think that is a wise move? 

Judge Greisa not only is corrupt, he is a fucking moron.  He basically said, Argentina you must break your restructure agreement and pay 200-500 billion dollars more on your debt just so you can give these vultures a huge profit after not investing one dime in Argentina and potentially send some Argentinians to jail.

Oh and beyond this, again, judge Greisa like the corrupt moron he is, wanted to expropriate money from one camp and give it to another.

That's right.  Basically Argentina would pay their restructured payment, and Judge Greisa would block that, confiscate it, and give it to the holdouts.

How would you like it if your house or car payment that you sent was, by a judge's order, taken from those entities, and given to your credit card company, and now you are in default for your house and car?

Because that's what Greisa was planning to do.  Take their legitimate payment, steal it, and reroute it to the vultures. 

Judge Greisa not only is a moron for not realizing how payment would fuck up Argentina big time, he decided it was ok to steal their payments and give them to someone else, a bunch of vulture funds who never invested in Argentina.

So are we going to call this judicial theft?  When a judge reroutes your payment to a third party by his own self and demands that you break your contracts and expose yourself to all that, that would entail?

Judge Greisa...not just a moron, but corrupt as well.

ZH should be all over this.  Because whatever you think of Argentina, this is what Judge Greisa has demanded.

Thu, 07/31/2014 - 11:49 | 5027512 NoWayJose
NoWayJose's picture

Unbelievable to see down arrows - unless they are from the speculators or the CDS holders. How can anyone support the predatory purchase of financial products in hopes of a 10 bagger - especially by rigging the casino in their favor!

Thu, 07/31/2014 - 13:46 | 5028116 BeetleBailey
BeetleBailey's picture

The down arrows are from the gov.bot douchebag socialist assholes....

They use sites like ZH to spew shit and rant like idiots.

I LOVE running into these fucksticks IN PERSON....grind them into dust. Leave them bleeding - sputtering Fuckbama odes....asinine Bush did this/Bush did that....that's when I really pounce on the hapless fuckers....

I give em my 5 questions.....then let they themselves fall into their hole of shit.

Keyboard cowcunts....

Thu, 07/31/2014 - 10:55 | 5027237 optimator
optimator's picture

And we all know who bails out J.P. Morgan, don't we.

Thu, 07/31/2014 - 10:57 | 5027252 Madcow
Madcow's picture

this would prove - AGAIN - that the entire "CDS" asset class is nothing but a giant SCAM. 

Thu, 07/31/2014 - 11:09 | 5027313 Quinvarius
Quinvarius's picture

And that the underlying asset really does matter to derivatives.

Thu, 07/31/2014 - 10:59 | 5027254 Latitude25
Latitude25's picture

Argentina has a socialist government.  Why would anyone step in to save them?  I know.  It's a rhetorical question.

Thu, 07/31/2014 - 11:54 | 5027365 CrashisOptimistic
CrashisOptimistic's picture

Argentina's oil production has dropped 43% in the past 10 years.  They have gone from oil exporter to importer.

THAT is what is wrong.  They could be a country of Nazis or they could be a country of Jews or they could be a country of bleeding heart Mother Theresas.  None of that shit matters.

If you export oil, you have money.  If you don't, you're on the way to oblivion.

Thu, 07/31/2014 - 11:52 | 5027528 tumblemore
tumblemore's picture

The ideal situation for the banking mafia is mostly welfare-socialist governments to leech from and one warfare-socialist government to act as enforcer.

 

 

 

Thu, 07/31/2014 - 10:59 | 5027257 youngman
youngman's picture

This is where the goblins come out and play because noone knows how many CDS are out there or other derivitives that connect to this...I still believe they will not call this a default...never will..so noone has to pay off those bets..rigged game again..sorry gamblers

Thu, 07/31/2014 - 11:05 | 5027293 El Hosel
El Hosel's picture

JPM/US FED ....   Bail Inc.

Thu, 07/31/2014 - 11:02 | 5027278 LawsofPhysics
LawsofPhysics's picture

And who will bail out JPM?  Or should I say "bail-in"?

Thu, 07/31/2014 - 11:23 | 5027379 F.A. Hayek
F.A. Hayek's picture

You. And me I guess.

Thu, 07/31/2014 - 11:24 | 5027387 what's that smell
what's that smell's picture

“If money isn’t loosened up, this sucker could go down,” Bush declared.

Thu, 07/31/2014 - 11:32 | 5027432 roadhazard
roadhazard's picture

He was never that smart.

more like, "Is our children learning".

Thu, 07/31/2014 - 11:48 | 5027487 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The FED. They have to can't have a bail-in of people's money during an election year. Only way that even remotely happens is they target those who don't pay their fair share aka corporations and spin the populist bullshit to placate the left and haves fast becoming have nots using the divide and conquer playbook. That could happen and would cement the FED/Wall Street to Obama and the (re)'pro'gressives in the eyes of the public.

Pay attention to the MSM, if they start ramping up the rhetoric on income inequality, paying your fair share, economic patriotism bullshit then that means most likely some populist wealth redistribution shakedown to reimburse the FED for bailing out them hedgefunds using JPM as the storefront is on it's way.

Thu, 07/31/2014 - 14:48 | 5028458 LawsofPhysics
LawsofPhysics's picture

Please JPM=The Fed and they can "borrow" at zero percent.

Thu, 07/31/2014 - 11:05 | 5027290 fuu
fuu's picture

"We note that a handful of Wall Street banks earlier this year pitched bond sales that would have paved the way for a deal between Argentina and its holdout creditors. Argentine officials didn't approve the proposals then... maybe they will now..."

 

Whatever you do Argentina, don't give in to the bankster plan.

Thu, 07/31/2014 - 11:08 | 5027306 Quinvarius
Quinvarius's picture

Maybe they plan to create toxic bundles of bond backed securities which they can bet against?  That seems to have worked well with mortgages in 2008, until the entire banking system collapsed.

Thu, 07/31/2014 - 11:09 | 5027307 SAT 800
SAT 800's picture

This would only be done as a "favor" to the US Gov.; to create the appearance of "stability"

Thu, 07/31/2014 - 11:22 | 5027374 TalkToLind
TalkToLind's picture

Just print bitchez!  It's like a green easy button.

Thu, 07/31/2014 - 11:22 | 5027376 Latitude25
Latitude25's picture

So this really means the FED is bailing out ANY large entity with insolvency problems

Thu, 07/31/2014 - 11:28 | 5027390 CrashisOptimistic
CrashisOptimistic's picture

The problem with Argentina is not that they likely have contagion issues.

The problem is that they have precedent issues.  TPTB thought they had all that shit stopped in Greece.  Now they don't.

They thought they had a way for countries to "default" successfully via reissuance of bonds with multi decade maturities in return for the ones that can't be paid now, and have governments FORCE bond holders to accept that deal.

This is an ugly precedent.  Nobody forced those holdouts to accept a deal.  Though, that may be happening right now.  We may see Griesa killed or removed in the next few months.

Thu, 07/31/2014 - 11:29 | 5027412 holdbuysell
holdbuysell's picture

If it walks like a default and talks like a default, it's definitely not a default.

Sincerely,
ISDA

Thu, 07/31/2014 - 11:30 | 5027420 orangegeek
orangegeek's picture

Happy to cover your debt, for some sub market priced oil.

 

We won`t tip the scale too far to our advantage

 

Just stand over there and bend over - we`ll take care of the rest

 

luv JPM

Thu, 07/31/2014 - 11:32 | 5027429 morongobill
morongobill's picture

Greg Palast's take on the Vulture vs Argentina:

"Chewing Argentina's living corpse"

http://us4.campaign-archive1.com/?u=33e4ec877eed6a43863a4a92e&id=af37b4d...

 

 

 

Thu, 07/31/2014 - 11:44 | 5027490 NotApplicable
NotApplicable's picture

Wow, excellent article. To think I had heard none of this before.

Thu, 07/31/2014 - 11:35 | 5027445 jim249
jim249's picture

Why aren't PM's moving higher??????

Thu, 07/31/2014 - 11:37 | 5027464 NotApplicable
NotApplicable's picture

Cuz it's really Precious Paper, of course.

Thu, 07/31/2014 - 13:42 | 5028090 BeetleBailey
BeetleBailey's picture

ManNIP-pEul-LATION....

Thu, 07/31/2014 - 11:36 | 5027456 NotApplicable
NotApplicable's picture

"Please do not help us because it makes the situation worse"

ROFLMAO!

Pure comedy gold.

Thu, 07/31/2014 - 11:42 | 5027480 teslaberry
teslaberry's picture

BUY THE FUCKING DIP.
QE IS STILL ON . 25 BILLION A MONTH + 50 TIMES LEVERAGE WILL BUY THE FUCKING DIP.

Thu, 07/31/2014 - 11:42 | 5027481 SheepDog-One
SheepDog-One's picture

Whatever they do, it was already planned long ago.

Thu, 07/31/2014 - 12:19 | 5027645 Gringo Viejo
Gringo Viejo's picture

The Fed "drive-in window" is to banks what Krispy Kreme's is to my old lady. "Fresh off the presses boys. Now go throw a patch on that fucker before anymore air leaks out."

Thu, 07/31/2014 - 12:16 | 5027653 tumblemore
tumblemore's picture

"it appears Kirchner, Kicillof, and their (k)omrades may have found an angel....JPMorgan is in discussions"

 

Normally in a situation like this it's loan-sharking: some government members in collusion with the banking mafia rack up more debt than can be repaid so repayment involves the transfer of real assets from the country involved to the banking mafia.

 

This time though I wonder if it's also at least partly the US taxpayer backing the FED backing JPM to prevent Argentina drifting to the BRICS?

 


Thu, 07/31/2014 - 12:35 | 5027737 WTFUD
WTFUD's picture

When JPM's got your back you can rest assured they're fucking you hard up the ANUS.

Thu, 07/31/2014 - 12:47 | 5027786 overexposed
overexposed's picture

Amazing how many billions you can make as an insider in the "modern" economic system.  It's almost like the game is... RIGGED or something!

Thu, 07/31/2014 - 12:57 | 5027845 eishund
eishund's picture

Will another JPM chap get killed/commit kamikaze again if the deal falls apart? Just wondering...

Thu, 07/31/2014 - 13:26 | 5027992 Youri Carma
Youri Carma's picture

It’s not just hedge funds that own Argentine bonds - Some mutual funds make bets as situation heats up
29 July 2014, by Ben Eisen - New York (MarketWatch)
http://www.marketwatch.com/story/its-not-just-hedge-funds-that-own-argentine-bonds-2014-07-29

Hedge funds aren’t the only investors with money on the line as Argentina scrambles to avoid a bond default.

A number of mutual funds, including funds run by Goldman Sachs and Fidelity Investments, have exposure to Argentina, which must reach a deal with a group of bond creditors by Wednesday, or face default for the second time in 13 years.

Thu, 07/31/2014 - 13:32 | 5028034 Herdee
Herdee's picture

JP Morgan as an arm for the U.S. Government is obviously worried about what China and Russia are going to be doing there.Too late,your an IMF-World Bank tramp.

Thu, 07/31/2014 - 17:02 | 5029412 Rob Jones
Rob Jones's picture

The writers of the original bonds put some RUFies in the fine print and slipped them to unsuspecting Argentina.

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