In its ongoing war with Argentina, Elliott Associates has
taken an Argentine navy ship.
The hedge fund has not launched its own military force nor
adopted piracy as its latest strategy. Instead, its NML Capital affiliate
convinced a court in Ghana, where the ARA Libertad was docked on a West African
tour, to detain the training vessel.
Elliott and Argentina have sparred for more than a decade
over the country's 2001 default on $95 billion in debt. Both sides have traded
victories and defeats in the U.S. courts, including the freezing of Argentina
assets in the U.S., as the hedge fund fights to be paid at par, rejected the
huge haircut taken by most investors in the Argentine debt.
Argentina was predictably furious about the new front opened
by Elliott.
"The vulture funds have crossed a new line in their
attacks on Argentina," the country's Foreign Ministry said. "The
Foreign Ministry has already approached the African nation to clarify the stunt
pulled by the unscrupulous financiers."
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