Argentina’s president, Christina Fernandez de Kirchner will meet with George Soros of the Quantum Fund in New York. Soros sued the Bank of New York because it held funds from Argentina intended to repay bondholders. Prior to going to the U.S., she will travel to see Pope Francis in Rome (she can use all the intervention she can get) and will then attend the United Nations Summit.
In her last visit in 2012, the President of Argentina said business people predicted a “promising future” for her country. Unfortunately, those predictions did not come to fruition, as Argentina defaulted on its debt for the second time in a decade. Billionaire Paul Singer is involved in a fight to force repayment which President de Kirchner is trying to fight against. Some bondholders have been repaid but at a loss, while Singer has subpoened Chinese banks for information on the $6.8 billion in financing between the two countries. The Chinese banks have until October to provide the information, while Singer plans subpoenas for Citigroup and HSBC for information they might have regarded suspected embezzlement.
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