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EM bond defaults: rising

It’s been a good year for emerging markets bonds. Even as investors,  unnerved by the latest in the eurozone debt crisis, continue to pull out of EM equities and EM currencies, appetite for EM bonds...

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Yo ho ho! Argentine ship seized

There’s been a lot of water under the bridge since Argentina’s debt default of 2001 but some creditors haven’t given up the fight to get their money back. An Argentine tall ship with 200 crew has been...

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Argentine bonds fall following “selective default”

Cristina Fernández, Argentina’s president (pictured), maintains her government has not “clamped” the dollar, despite imposing a rash of restrictions on greenback purchases in recent months. Try telling...

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Ghana: ship’s going nowhere (for now)

Hedge fund 2, Argentina 0. A court in Ghana has rejected an appeal by Argentina to release the navy vessel ARA Libertad, after the ship was seized last week at the request of NML Capital, a hedge...

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Argentina ordered to pay hedge funds $1.3bn

Argentina will have to pay $1.3bn to hedge funds that refused to restructure their debts after the country’s 2001 default when it makes regular payments to its restructured bondholders in December, a...

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Argentina’s sovereign shift

A hundred years ago if a country was reluctant to pay its debts, gunboats might have steamed to its shores. Since then sovereign immunity has reigned but the latest development in a legal argument over...

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Argentina debt: it’s not just the ruling, it’s the attitude

Argentina’s reaction to Thomas Griesa’s New York court ruling was probably enough to make the octogenarian judge choke on his Thanksgiving turkey. It was expected that Argentina would promise to fight...

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New York law: not what it used to be

There was a time, not long ago – until Wednesday night, to be exact – when investors would pay a premium on emerging market debt subject to New York law. Not any more. Judge Thomas Griesa’s ruling that...

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Guest post: what Argentines really worry about

By Federico Sturzenegger of Banco Ciudad de Buenos Aires Last week Judge Griesa ruled that Argentina should pay to a holdout fund by the name of NML before December 15 the full amount of debt owed by...

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Guest post: Time to ratchet up the pressure on Argentina

By James K Glassman As the global economy continues its sputtering recovery, policymakers have an opportunity to take a strong stand on principles that may help mitigate further long-term damage. In...

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Dark times for China’s Suntech

Things are going from bad to worse for Suntech Power, the Chinese solar panel maker. The company, which has been fighting to stay afloat amid falling panel prices and slowing demand, became the latest...

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EM bond defaults: new high

2012, as beyondbrics readers know, was a record year for emerging markets bonds. But it turns out it was also a record year for defaults. According to a new report out from Standard & Poor’s,...

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Guest post: Argentina threw its creditors under the bus

By Arturo C. Porzecanski Carlos Mauleon, the former Barclays Capital investment banker who handled Argentina’s 2005 debt restructuring, recently wrote a guest post on beyondbrics justifying that...

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China’s first bond default is no Bear Stearns moment

Analysts from Bank of America Merrill Lynch think that China will experience its “Bear Stearns moment” on Friday, when the country will probably see as its first ever bond default. That is a bold,...

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Guest post: Argentina’s day in court [corrected]

By Samuel George of the Bertelsmann Foundation On February 18 the Republic of Argentina submitted a petition to the US Supreme Court requesting a judicial review of a 2012 decision from the New York...

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