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> The one policy you can always count on our government to enforce is "protect bondholders at all costs." Unless of course those bondholders are institutional
by cpwright 12y ago
> The one policy you can always count on our government to enforce is "protect bondholders at all costs."
Unless of course those bondholders are institutional investors, and the other creditor is the UAW. When governments are so intimately involved in these kinds of proceedings, the only thing that we can be sure of is political expediency.
- pdabbadabba 12y agoYou must not have been following the Argentina saga very closely if you think the courts are ruling out of political expediency. The U.S. government has appeared in this case multiple times in support of Argentina, but the courts rule against them anyway. The U.S. government (the executive branch, that is) would clearly rather the courts allow Argentina to wipe out the bondholders and start over. This litigation has become a major point of friction between the U.S. and Argentina diplomatically.