July 31, 2014
Elliot Management's Paul Singer: ‘We could settle this thing in an afternoon’
During a video interview with the Wall Street Journal, Paul Singer, CEO of hedge fund Elliott Management Corporation, described Argentina’s public policy as “horrendous” and stated that he could settle the dispute “in an afternoon.”
Asked about the general economic situation in Argentina, Singer used the opportunity to slam the public policies led by President Cristina Fernández de Kirchner.
In addition, he alluded to the violent episodes that happened in December, where policemen from several provinces remained in their headquarters and began a strike which was followed by lootings.
“There have been riots by police and lootings by citizens. It’s a sad thing because it’s self imposed by the Government,” expressed Singer.
“We are willing for quite a while to sit down with Argentina. We could settle this thing in an afternoon,” he concluded.
On Friday, according to Noticias Argentinas news agency, around 20 international investment funds who own about seven billion dollar in bonds of Argentina’ debt are considering to cede a portion of it back to the hedge funds.
In exchange, according the agreement, the so called ‘Vulture Funds’ who rejected the debt restructuring process in 2005 and 2010 should desist from their demands and enter into the debt swap.