In 2001, Argentina defaulted on its national debt. More than 90% of lenders subsequently agreed to restructuring deals that allowed the country to exchange new bonds for the defaulted ones at a significant loss for the creditors. However, some investment firms labelled “vulture funds” by their critics – most of which are based in the Cayman Islands – bought up Argentine bonds at discount prices, hoping to use the US legal system to force the country to repay their full value…

Read this piece in its entirety at CounterPunch.