Argentina remains a controversial market. To help, we offer a timeline on past, present and future events since its Default in 2001 as well as actors and facts on Argentina. All information below is from cited third party sources or are factual, and hence Alpine is not expressing any opinions. If you have suggestions, additions, or questions, please email us here. In full disclosure, our sister company, Alpine Capital Advisors, LLC has a business relationship with investors in Argentina. In addition, one or more principals of Alpine Capital Advisors, LLC currently and/or may in the future own positions in Argentine securities. The information presented here does not constitute an offer to sell or purchase securities of any kind. Investment in Argentine securities involves a high degree of risk. Readers are encouraged to consult their own professional advisers prior to investing in any securities. Please read additional disclaimers here. Thanks to Max Figueroa and Jose Abelar for their help on this page.

Holdouts (Current and Former)

Firm Name Links
AureliusHoldouts not asking to suspend Argentine debt order - Aurelius (Reuters)
Blue AngelArgentine Funds Can’t Be Seized by Bond Holders, Judge Says (Bloomberg)
Bracebridge CapitalAmerican Task Force Argentina
Elliot AssociatesAmerican Task Force Argentina
FH International Asset ManagementAmerican Task Force Argentina
Montreux PartnersNML Capital / Montreux Partners v. Republic of Argentina, No. 128 (Vlex)

Asset Managers that Hold/Held Argentine Securities

Firm Name Links
Fir Tree PartnersLet Us Help You, HFs Tell Puerto Rico (NY Times)
Fortress Investment Group LLCHF Fortress Investment Group Betting on Argentina (CNN)
Hayman CapitalHayman’s Bass Says Argentina Bond Trustee Is Failing Investors (Bloomberg)
KnightheadBNY Mellon Sucked into Center of Argentine Debt Storm (Reuters)
NoctuaArgentina Bonds a Buy to Caputo as Elections Dwarf Holdouts (Bloomberg)
RGY Investments LLC unit of Perry CapitalBNY Mellon Sucked into Center of Argentine Debt Storm (Reuters)
SorosBNY Mellon Sucked into Center of Argentine Debt Storm (Reuters)
Third PointThird Point Renews Argentina Bet Seeing Exit from Malaise (Bloomberg)
VR CapitalA Sensible Path for Avoiding an Argentine Default (WSJ)

Asset Managers that Hold Argentine Securities According to Public Filings and Disclosures on Whalewisdom as of 12/31/2014

Acadian Asset Management Alden Global Capital
Arrowstreet Capital Bank of America Corp
Blackrock Inc. Black River Asset Management
Blackstone Group Bank of New York Mellon Corp
Capital Research Global Investors Citigroup
Columbus Hill Capital Management Credit Suisse
Deutsche Bank Discovery Capital Management
EMS Capital Everest Capital
Finepoint Capital FMR
Fortress Investment Group Goldman Sachs Group
Group One Trading Guggenheim Capital
Highfields Capital Management HSBC Holdings Plc
JGP Global Gestao De Recursos JPMorgan Chase & Company
Knighthead Capital Management Lazard Asset Management
Macquarie Group Mason Capital Management
Monarch Alternative Capital Morgan Stanley
Northern Trust Corp Old Mutual Global Index Trackers (Proprietary)
Owl Creek Asset Management Parametric Portfolio Associates
Peak6 Investments Perry Corp
Pointstate Capital QVT Financial
QFR Capital Management Redwood Capital Management
Roystone Capital Management Schroder Investment Management Group
Smithwood Advisers Soros Fund Management
Susquehanna International Group Valiant Capital Management
Wellington Management Group Wells Fargo & Company

Argentine Government

Below is a list of senior members in the Argentina Government that took office in late 2015. Clicking on their names will bring you to their Wikipedia page or other sources.

Mauricio Macri President
Gabriela Michetti Vice President
Alfonso Prat-Gay Minister of Economy
Federico Sturzenegger Central Bank Chairman
Mario Quintana Co-Deputy Chief of Cabinet
Gustavo Lopetegui Co-Deputy Chief of Cabinet
Francisco Cabrera Minister of Development and Productivity
Juan Jose Aranguren Minister of Energy
Ricardo Buryaile Minister of Agriculture
Guillermo Dietrich Minister of Transportation
Alberto Abad Executive Director of AFIP
Isela Constantini President Aerolíneas Argentinas
Luis Caputo Secretary of Finance
Luis Blaquier Director of ANSES Pension Fund
Marcos Peña Chief of the Cabinet of the Ministers
Marcelo Elizondo Promotion Agency of Investments and Exports
Susana Malcorra Ministry of Foreign Affairs

Facts on Argentina

Population: 40 million (2010)

Argentina is a member of the G20, and currently is the 21st Largest Economy, 19th is Saudi Arabia and 20th is Switzerland. Some countries with smaller economies than Argentina include: Sweden, Nigeria, Norway, Belgium, Taiwan, Austria, UAE, Thailand, South Africa, Singapore, Israel, Philippines, Finland, Greece, Ireland, Portugal, Qatar, Czech Republic.

Argentina was declassified an Emerging Market in 2009 by MSCI and since then has been part of the JPM NEXGEM Countries Index (Frontier). Some others in the index are: Angola, Bangladesh, Belize, Armenia, Mongolia, Bolivia, Azerbaijan, Fiji, Costa Rica, Belarus, Pakistan, Dominican Republic, Botswana, Sri Lanka, Ecuador, Congo, Vietnam, El Salvador, Cote D’Ivoire, Guatemala, Egypt, Honduras, Ethiopia, Jamaica, Gabon, Paraguay, Georgia, Uruguay, Ghana, Iraq, Jordan, Kenya, Lebanon, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Senegal, Serbia, Seychelles, Sudan (North, South), Tanzania, Uganda, Zambia.

In late December, Argentina default on $82 billion sovereign bonds, world's biggest ever sovereign default at the time.

Argentina suffered a recession in the late 1990s due to overexpansion during 1990-98 when the GDP grew by more than two folds from $141B to $362B. Recession and eventually the default followed the expansion: large amounts of government burrowing, weakend peso due to peso-dollar parity and devalued Brazilian real, and increase in government debt and IMF eventually refusing to bailout Argentina. Argentina couldn't make their payments for January 2002 and defaulted during December 2001. Newly appointed president Duhalde announces default in January 2002.

A History of Debt Defaults: Argentina 2001 (eFinancialNews)
Argentina's Crisis Explained (TIME)2001

November - NML Capital, a subsidiary HF of Elliot Capital Management, initiates legal action against Argentina in the Southern District of New York to collect payment on defaulted bonds.

The Republic of Argentina v. NML Capital (Cornell)
Argentina v. NML Capital (Harvard)2003

Argentina's creditors starts restructuring their debts for about $0.30 per $1.00. 92% of the creditors restructures the debt by 2010.

Argentine Debt Restructuring (Wikipedia)2005

MSCI Barra Re-Classified Argentina from MSCI Emerging Markets Index to the MSCI Frontier Markets Index.

MSCI Barra Announcement on the Status of the MSCI Argentina and Pakistan Indices (MSCI)2009

October - In an effort to collect on the debt it claims it is owed by Argentina, NML Capital asks a Ghanaian court to seize one of Argentina's ships, the ADA Libertad, that was parked off the coast of Ghana. NML Capital wins the case and Ghana seizes the ship. Later, the ruling is overturned by the UN Tribunal on the Laws of the Sea and the ship is returned to Argentina. (IBtimes)

Argentina Vs Hedge Funds Case Timeline (IBtimes)2012

November  - The US 2nd Circuit Court orders Argentina to pay holdout creditors $1.3bn on 15 December 2012, the same date Argentina is set to pay creditors that restructured. Since Argentina has already begun to repay the 92% of creditors that restructured, NML Capital is arguing that it should be paid back as well, and in full. (IBtimes)

Argentina to Pay $1.3bn to Bond Holders in 'Vultures' Row (Telegraph)

April - NML Capital rejects Argentina's proposed payment plan, which it had made in response to an order by the US Second Circuit Court of Appeals. (Yahoo)

May - The IMF weighs in on the case saying that the result would have major implications for how future sovereign debt is restructured. (IBtimes)

June - Argentina files an appeal to the US Supreme Court, known as a writ of certiorari, to ask the court to overturn a ruling by the 2nd US Circuit Court of Appeals made in October of 2012. (IBtimes)

Argentina Asks U.S. Supreme Court to Hear Debt Appeal (Chicago Tribune)

July - German courts side with Argentina and rejects similar hedge fund claims to those made by NML Capital against Argentine assets in Germany. (IBtimes)

German Court Rules in Argentina Favor Against 'Vulture Funds' (Buenosairesherald)

July - France files an amicus brief to the US Supreme Court in support of Argentina's request. (IBtimes)

France Backs Argentina in Battle with Holdout Creditors (Buenosairesherald)

October - The US Supreme Court decides not to take the landmark debt case between Argentina and bondholders led by NML Capital. Argentina proceeds to file a second petition in the coming months that the Supreme Court reviews and eventually rejects. (IBtimes)

Argentina Rejected by U.S. Court in Bond Payment Appeal (Bloomberg)

November - A US Appeals Court rejects "holdouts" request to remove a hold on payments in the landmark debt case. (IBtimes)

US Appeals Court Rules in Favor of Argentina; Rejects Lift of Stay Requested by Hedge Funds (MercoPress)

November - The US 2nd Circuit rules in favor of NML Capital, denying Argentina's petition for rehearing of the court's decision upholding an injunction that barred Argentina from paying holders of restructured debts while "holdout" creditors remain unpaid. Argentina would proceed to appeal to the US Supreme Court.

Second Circuit Rejects Argentina’s Request For Reconsideration (Mondaq)

December - The US government files a brief in support of Argentina's appeal in the related assets case in which NML could enforce subpoenas against Bank of America and Banco de la Nacion Argentina seeking information about Argentina's non-U.S. assets.

U.S. Supports Argentina Over Subpoenas Against Banks (Reuters)

January - The US Supreme Court agrees to hear Argentina's appeal in a related case involving foreign assets. This case would decide whether or not creditors have the right to receive information related to a country's foreign assets from financial institutions. (IBtimes)

Argentina Gets U.S. Supreme Court Hearing in Bank Case (Bloomberg)2014

June - The Supreme Court rejects Argentina's appeal for a hearing in the case. The Court also rules against Argentina in a related case involving the ability of hold-out creditors to locate the foreign assets of the sovereign nations they are suing. (IBtimes)

Argentina’s Debt Appeal Is Rejected by Supreme Court (Dealbook NYT)

June - Argentina's lawyers tell a US District Judge that the country will negotiate with the hold-out creditors to try to reach an agreement. Argentina has until July 30 to settle the dispute. If it chose not to pay the hold-outs, it would be in technical default. (IBtimes)

Argentina Seeks Talks With Bond Holdouts to Avert Default (Bloomberg)

June - US District Judge Thomas Griesa appoints Daniel Pollack to moderate negotiations between Argentina and holdout funds. (IBtimes)

Argentina Bond Judge Picks Lawyer to Oversee Talks (Bloomberg)

June - Argentina attempts to pay its restructured bond holders but a US judge blocks the payment. Argentina had deposited $539m in the Bank of New York Mellon, but Judge Thomas Griesa ordered the payment blocked unless Argentina also pays the hold-out creditors. Argentina's Economy Minister Axel Kicillof blames the court's ruling as "absurd".

Argentina Learns The Downside Of Global Finance As Judge Blocks Payments (Forbes)

July - US District Judge Thomas Griesa orders Argentina and hold-out creditors to meet with a court-appointed mediator and negotiate "continuously." Argentina is facing a July 30 deadline to reach agreement or default for the second time in 13 years. Griesa rejected Argentina's request for a stay in the case. (IBtimes)

US Judge Griesa Calls for New Hearing Over Argentine Debt Case (Buenosairesherald)

July - Negotiations with hold-out creditors fail and Argentina defaults on its debt for the second time in 13 years.

Argentina Fails to Reach Debt Agreement, Default Looms (Reuters)

August - Argentina has been mulling a plan to replace some of its foreign bonds with locally issued ones ever since a New York court ruled in 2012 that it could not pay creditors who accepted its debt swaps of 2005 and 2010 without fully compensating “holdouts” who jibbed at the deal. (Economist)

Argentina's Debt Saga (Economist)

September - The United Nations General Assembly approved a resolution to launch negotiations on a multilateral framework for sovereign debt restructuring. (FT)

Guest Post: the UN Takes The First Step to Debt Restructuring (FT)

September - Argentina enacts law 26.984 that approves swap on the debt, creates a new trust to pay interests to bondholders and names Banco Nacion as a new trustee. (The Guardian)

Argentina Enacts Law Restructuring Government Debt (The Guardian)

September - New York court rejects appeal by Argentina, Citibank because it does not have jurisdiction to overturn a ruling barring a Citigroup unit from processing interest payments made by Argentina to holders of restructured local-law government bonds. The Citibank unit is the trustee for exchange bonds issued under Argentine law, which account for about a quarter of the total. Citibank, in appealing the decision, said its Argentine unit could face severe penalties if it cannot process a payment on those local-law bonds due on Sept. 30. (Foxnews)

New York Court Rejects Appeal by Argentina, Citibank in Debt Case (Foxnews)

September - Argentine President Cristina Fernandez meets bondholder and billionaire financier George Soros. The meeting comes after failing to complete a June interest payment to Soros and other holders of bonds restructured from a previous default. Soros' Quantum Partners hedge fund is one of four creditors that sued BNY Mellon in London last month, accusing the trustee agent of protecting its own interest by obeying the court. The other plaintiffs are Knighthead Master Fund, RGY Investments LLC and Hayman Capital Master Fund. (Reuters)

Argentina's Fernandez Meets Billionaire Investor Soros in New York (Reuters)

September - A US judge has ruled that Argentina is in contempt of court for refusing to obey an order to repay the debt it owes to two US hedge funds. (BBC)

Argentina Found to be in Contempt of Court by US Judge (BBC)

October - Central Bank Head Juan Carlos Fabrega resigns after Fernandez Speech. Alejandro Vanoli is named new Head of Central Bank.

Argentine Bonds, Stocks Tumble After Central Bank Ouster (Bloomberg)

October - Griesa scheduled a Dec. 2 hearing to weigh arguments over whether Citigroup Inc. (C.N) should be allowed to process an expected interest payment by Argentina on bonds issued under its local laws following its 2002 default.

Citigroup to Revisit U.S. Court Over Argentine Bond Payments (Reuters)

November - US Federal judge Thomas Griesa has summoned Argentine Central Bank representatives for a new audience on December 10. President Cristina Fernández de Kirchner’s administration will seek a favourable ruling by magistrate Griesa, in an attempt to avoid an embargo on the country’s assets, following a request filed by the holdouts. (BuenosAiresHerald)

January - After expiration of RUFO Argentina could pay interests to the 93% of bondholders.

The RUFO clause, which stands for rights upon future offers, prohibits the government of Argentina to offer anyone a better deal than what they gave to creditors who tendered their bonds and accepted a 70% haircut. (Forbes)

January - Death of an Argentine Prosecutor, Alberto Nisman. (Bloomberg)


June - Limit for electoral alliances and beginning of electoral campaign.

August - Primary election.

October 15th - Argentina Presidential Elections. To be elected President in the first round, a candidate must get either 45% of the vote cast, or 40% and 10% advantage over second placed candidate.

November - Possible Second Round for Argentina Presidential Elections.

December 10th - Macri assumes as President