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The announcement of a $4.65 billion agreement between the Argentine
government and four “holdout” hedge funds promises to end a 15-year battle that
started when the government defaulted on $100 billion in debt in 2001.
The hedge funds refused to accept a steep discount in two restructurings
over the years, while others took 30 cents on the dollar. The agreement
announced on Monday gives the four holdouts — Paul Singer’s NML Capital, Mark
Brodsky’s Aurelius Capital Management, Davidson Kempner Capital Management and
Bracebridge Capital — 75 percent of their claims. Two other hedge funds struck
an earlier agreement for 75 percent of their claims. The deal is subject to
approval by Argentina’s Congress.
Here’s a look at some crucial moments of the fight over the years.