Argentina Alleges Extortion After Supreme Court Sides With Vulture Funds Preying

– We look at a case that is being called the «‘trial of the century» in how poor countries repay sovereign debt. This week, the U.S. Supreme Court rejected an appeal from Argentina over its $1.5 billion debt in a ruling critics say validates predatory behavior by so-called «vulture funds.» The case involves hedge funds that bought up Argentina’s debt at bargain rates after its financial crisis more than a decade ago. After Argentina defaulted on its debts, the vast majority of its creditors agreed to slash the value of their holdings. But NML Capital and other firms refused to accept the deal, instead seeking full repayment. Monday’s ruling leaves in place a lower court decision ordering Argentina to pay the companies. Argentine President Cristina Fernández de Kirchner has called the firms’ actions «extortion.» We are joined by Eric LeCompte, executive director of Jubilee USA Network.