Q & AAfrica

Argentina’s Creditors Overreach in Seizure of Warship in Ghana

Argentina’s Creditors Overreach in Seizure of Warship in Ghana

Argentina’s legacy of debt default is back in the headlines this week after a Ghanaian port detained an Argentine navy ship, executing a court order on behalf of the country’s creditors.

The bondholders who seized the ship said they do not plan to release it until Argentina repays at least $20 million of the $300 million they are owed on defaulted debt.

This is the latest example of creditors -- often vulture funds that purchased discounted bonds discarded by investors after Argentina stopped honoring its debts during its economic free fall 10 years ago -- trying to seize the country’s assets.

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