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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