239:(scavengers) “scavenging” on debtors in financial distress by purchasing the now-cheap credit on a secondary market to make a large monetary gain, in many cases leaving the debtor in a worse state. The term is often used to criticize the fund for strategically profiting from debtors that are in financial distress, and thus is frequently considered derogatory. However financiers dealing with vulture funds argue that "their lawsuits force accountability for national borrowing, without which credit markets would shrivel, and that their pursuit of unpaid commercial debt uncovers public corruption." A related term is "vulture investing", where certain stocks in near bankrupt companies are purchased upon anticipation of asset divestiture or successful reorganization.
60:
40:
216:
192:
for repayment so that if there is not sufficient funds to repay the bondholders, the stockholders get wiped out. The bondholders step into the shoes of the former shareholders. The shareholders own nothing because they, the owners, could not fully repay all the contractual promises, or loans. So like a bank (the mortgagee) that has lent money to a home buyer (the mortgagor) takes possession of the security (the home) when
2228:
2218:
2208:
2238:
1915:
1538:
1421:
1349:
270:
was introduced aimed to prevent vulture funds from profiting on defaulted sovereign debt by capping the amount of profit that a secondary creditor can win through litigation based on those debts. The Stop VULTURE Funds Act was introduced, but not passed, in the United States. A non-profit financial
98:
Vulture funds have had success in bringing attachment and recovery actions against sovereign debtor governments, usually settling with them before realizing the attachments in forced sales. Settlements typically are made at a discount in hard or local currency or in the form of new debt issuance. In
894:
The most benign version of vulture investing involves buying liabilities of struggling companies, such as
American Airlines or the Motors Liquidation Co. spun off from General Motors, sometimes for a few cents on the dollar, with the hope that the investments will regain some of their lost value as
305:
can provide micro-credit to farmers, build classrooms for their children, and fund water and sanitation projects for the poor," wrote World Bank Vice
President Danny Leipziger in 2007. "Yet the activities of vulture funds threaten to undermine such efforts... the strategies adopted by vulture funds
191:
or equity in exchange for invested cash or other property like machines, factories, warehouses, patents or other interests. Then the owners would raise additional capital by borrowing from lenders in capital markets by selling bonds. In corporation law, the owners of these bonds come first in line
177:
funded buy-backs. The result is that the old syndicates were broken up and many unreconstructed syndicate "tails" were available for purchase at discounts exceeding 80% of the principal face value. That pricing encouraged funds to invest in recovery actions, which would not otherwise make financial
351:
that when vulture funds purchase debt at a reduced price, and make a profit from suing the debtor country to recover the full amount owed, the outcome is "morally outrageous". The Debt Relief (Developing
Countries) Act passed in 2010 removed the ability of vulture funds to use UK courts to enforce
1182:
LEGISLATION ... has this week received Royal Assent. The
Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts. The legislation prevents vulture funds from buying up poor nations' debts for a fraction of their
330:
questioned the US Supreme Court for rejecting
Argentina's appeal in its legal dispute with the so-called vulture funds. The organization claimed that such actions make it "more difficult for countries to free themselves from the burden of over-indebtedness" and are " very bad for international
153:
of the 1970s when oil earnings were recycled into bank loans. The syndication of debt among banks made recovery impractical, as a fund intending to litigate had to buy out the entire syndicate of holders or risk having the proceeds of litigation attached pursuant to sharing clauses in the loan
322:
also criticised the funds and stated: "Some recent examples of the actions by vulture funds before international courts show their highly speculative nature. These funds pose a danger for all the future process of debt swaps, for developing countries and for developed nations as well".
142:
and the United States to purchase a debt with the sole intent of litigating it. The distinction was made that if the debt was purchased to effect a recovery or facilitate investment, the doctrine was not a bar. Most jurisdictions have now eliminated the doctrine as archaic.
95:. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to subsequently sell the debt for a larger amount than the purchasing price. Debtors include companies, countries, and individuals.
169:. The original creditors then wrote down their positions and sold the debt into the secondary market, which is a market consisting of banks and investment funds focused on buying at discounts to achieve above market returns on their investment.
1195:
275:, supported the legislation citing the impact that vulture funds have on poor countries. Similar legislation was passed in the United Kingdom, Belgium, Jersey, the Isle of Man, Australia. The States of Guernsey debated legislation in 2012.
392:), had exploited to avoid Irish taxes (capital gain, withholding tax and VAT/duty) on over €80 billion of Irish distressed assets. The affair caused a national scandal in Ireland, and led to public backlash against the activities of US
172:
In this process, much debt was repurchased and converted into local currency by the sovereign country issuers in official debt conversion programs designed to attract investment, and in severely indebted countries through
186:
Businesses that need more capital than their founders can raise by personal contacts are enabled by this legal method of attracting investors to buy a portion of the business. Owners would invest capital and obtain
933:
1697:
August 2003, Manmohan Singh, IMF Working Paper WP/03/161; "Recovery Rates from
Distressed Debt - Empirical Evidence from Chapter 11 Filings, International Litigation and Recent Sovereign Debt Restructurings"
995:
512:
1687:
813:
115:
Sovereign debt collection was rare until the 1950s when sovereign immunity of government issuers started to become restricted by contract terms. This trend developed from the long history of
1068:
1501:
665:
411:, which does not file public accounts, which was how the scandal was uncovered, into which the "vulture funds" transferred over €55 billion of assets (one-quarter of Irish 2018
2211:
1236:"[ARCHIVED CONTENT] Speech by the Chancellor of the Exchequer, Gordon Brown, at the United Nations General Assembly Special Session on children, New York - HM Treasury"
1556:
941:
397:
385:
1300:
1313:
1605:
1367:
779:
576:
1625:
Complicating the
Morality Play on Vulture Funds (Corrected Story), Christopher Faille, Senior Financial Correspondent, Hedgeworld News, Monday, 4 February 2008
1003:
2188:
1587:"Tax-free funds once favoured by 'vultures' fall €55bn: Regulator attributes decline to the decision of funds to exit their so-called 'section 110 status'"
301:
to poorest countries. "The Bank has already delivered more than $ 40 billion in debt relief to 30 of these countries...thanks to this, countries like
2092:
368:
by excluding so-called "vulture funds" from the process. The vote was 124–11 in favor, with 41 abstentions. The United States voted against the measure.
204:. Thus, when shareholders cannot repay bondholders, in principle, bondholders become the new shareholders. In practice, however, it is more complicated.
1684:
828:
1075:
1235:
639:
200:), the bondholders of a corporation take possession of the business from the former owners (the shareholders) when the corporation falls into
1792:
1734:
640:"HARD CURRENCIES SHORT IN BRAZIL; Nation Is Nearly Out of Such Reserves--Coffee Crop May Replenish Funds Debt Payments Due Reserves Were Low"
146:
Similarly, sovereign debt owed to commercial creditors in the late 1980s was principally held by bank syndicates. This was the result of the
1586:
1028:
462:
119:
on commercial creditors with impunity. Accordingly, sovereign debt collection actions began in the 1950s. One example was the freezing of
396:
funds, and particularly when it was discovered that they had used children's charities controlled by Irish tax-law firms to mask their
335:'s ruling against Argentina in favour of vulture funds as "punishing the innocent" and "turning the natural order of debt on its head".
1440:"WHY LETTING SECTION 110 SPVS OPERATE IN THE IRISH DOMESTIC ECONOMY WILL DAMAGE OUR TAX BASE AND OUR REPUTATION AS A 'LOW-TAX' ECONOMY"
1439:
876:
789:
755:
696:
1649:
1165:
207:
In the financial markets, the bonds of troubled public companies trade in a manner similar to common stock of solvent companies.
1564:
59:
361:
315:
251:
39:
1661:
438:
1403:
1520:
1262:
912:
2231:
2066:
327:
284:
255:
242:
The term has gained wide acceptance from governments, newspapers, academics and international organizations such as the
2054:
1120:
290:
220:
566:
306:
divert much needed debt relief away from the poorest countries on earth and into the bank accounts of the wealthy."
1765:
1196:"ParlInfo - Federation Chamber : PRIVATE MEMBERS' BUSINESS : Heavily Indebted Poor Countries Initiative"
1101:
2277:
2267:
2193:
2137:
1856:
1727:
135:
744:"Good-Bye Neoliberalism? Contested Policy Responses to Uncertain Consequences of the 2007-2009 Financial Crisis"
2030:
1900:
1524:
1407:
854:
2040:
2272:
2035:
1999:
1860:
404:
138:
and by the fact that most sovereign debt was syndicated. Under the doctrine of champerty, it was illegal in
2142:
1939:
1812:
1788:
1637:
267:
2167:
1825:
1797:
1778:
314:
The conduct of the vulture funds blocking payments to other creditors to
Argentina was denounced by the
150:
92:
1183:
original amount and then using the courts to sue for the full value, plus interest and penalty charges.
1502:"'Vultures' minimise their tax bills - as State now appears to have delivered the sale of the century"
215:
2221:
2072:
1984:
1820:
1802:
1720:
1628:
2241:
2127:
1954:
1929:
517:
389:
331:
capital markets", as well as being a huge blow to national sovereignty. The organization described
272:
76:
1481:
966:
403:
The Irish State did not prosecute the "vulture funds" for tax avoidance, and in
February 2018 the
2152:
2097:
2009:
443:
365:
1560:
482:"The Evolution of Modern Sovereign Debt Litigation: Vultures, Alter Egos, and Other Legal Fauna"
1875:
1851:
1835:
1773:
1696:
1505:
1317:
785:
751:
743:
116:
88:
1331:
1121:"Vulture fund takes the Belgian government to court - and Belgian NGOs join the defence team"
2044:
1979:
1446:
1385:
1287:
1217:
611:
880:
2183:
2087:
2077:
2058:
2025:
1949:
1944:
1880:
1865:
1691:
1665:
1653:
1641:
1486:
1146:
393:
381:
124:
80:
1046:
2082:
2062:
1830:
1783:
1706:
1239:
670:
Arbitration: The
International Journal of Arbitration, Mediation and Dispute Management
348:
131:
1670:
1646:
1169:
2262:
2256:
2157:
2132:
2122:
2048:
1896:
1389:
599:
364:
voted to support a new bankruptcy process for sovereign nations, which would promote
332:
158:
1675:
481:
2162:
2004:
1989:
1870:
1679:
1332:"Government moves to amend Section 110 to close tax loophole used by vulture funds"
420:
344:
188:
33:
1658:
1702:
Investigative Journalist Greg Palast Tracks Vulture Funds Preying on African Debt
1460:
1994:
1934:
1914:
1701:
1609:
1590:
1542:
1425:
1371:
1353:
934:"Unified support of G77+China Summit to Argentina on Malvinas and vulture funds"
425:
319:
298:
247:
197:
162:
147:
44:
107:, such a seizure blocked payments to other creditors of the sovereign obligor.
1743:
1606:"Leo Varadkar defends 'vulture funds' and criticises practices of Irish banks"
1069:"Vulture Funds: A Threat to the Poorest Countries and U.S. Foreign Assistance"
718:
294:
243:
201:
174:
166:
72:
17:
2147:
1760:
1166:"Isle of Man introduces legislation to outlaw vulture funds (press release)"
1102:"Parliament's last virtuous act: to stop vulture funds picking off the poor"
416:
104:
1124:
235:
which is used to compare these particular hedge funds to the behaviour of
1465:
1335:
996:"U.S. on Its Own, Once Again, at OAS Meeting on Argentine Sovereign Debt"
616:
377:
236:
232:
193:
1314:"Loophole allowing Vulture Funds to pay almost no Irish profit tax shut"
539:
1676:
Should Countries like Argentina be able to Declare Themselves Bankrupt?
1029:"US Council of Foreign Affairs supports Argentina, blasts Judge Griesa"
666:"The Role of the Doctrines of Champerty and Maintenance in Arbitration"
571:
408:
139:
52:
1288:
UN Votes for Process to Enact Bankruptcy Treaty and Stop Vulture Funds
513:"Paul Singer's Elliott Management takes the fight to National Express"
1301:
UN rights expert welcomes new Assembly resolution on debt structuring
120:
48:
1539:"Vulture funds using charities to avoid paying tax, says Donnelly"
302:
214:
134:
with the intent to recover was also restricted due to the laws of
58:
38:
1404:"Revealed: How vulture funds paid €20k in tax on assets of €20bn"
877:"Vulture Investing: Why a Hedge Fund Chased an Argentine Frigate"
412:
100:
84:
1716:
1634:
1386:"Vulture funds pay just €8,000 in tax on €10 billion of assets"
567:"Argentina deposits debt payment, but U.S. court blocks payout"
384:
funds (labeled "vulture funds" in the Irish media), advised by
1712:
1368:"Loophole lets firms earning millions pay €250 tax, Dáil told"
1263:"Bill to stop vulture funds using UK courts gets royal assent"
913:"Bill to stop vulture funds using UK courts gets royal assent"
165:
that brought new players into the market, including banks and
895:
the companies restructure or sell assets to repay creditors.
423:, praised the activity of "vulture funds" in Ireland to the
343:
In 2002, the British Chancellor (and later Prime Minister)
318:, with the exception of the United States and Canada. The
1521:"Vulture funds rub salt into the carcass of this country"
1422:"Cerberus paid €1,900 tax on €77m Project Eagle profits"
967:"Fonds vautours contre pays pauvres : 26 June 2007"
748:
Research Handbook on International Financial Regulation
600:"The Evolution of Contractual Terms in Sovereign Bonds"
598:
Choi, Stephen; Mitu Gulati; Eric Posner (31 May 2012).
161:
created many new and easily traded instruments such as
1482:"Ireland confronts another tax scandal closer to home"
157:
As the 1980s progressed, debt rescheduling efforts in
1147:"Jersey law to stop 'vulture funds' comes into force"
697:"Corporate Finance, Corporate Law and Finance Theory"
463:"Painting of vulture appears opposite Ulster Bank HQ"
1238:. Webarchive.nationalarchives.gov.uk. Archived from
511:
Ebrahimi, Helia; Blackden, Richard (24 April 2011).
297:
noted that vulture funds endanger the gains made by
2176:
2110:
2018:
1972:
1963:
1922:
1889:
1844:
1811:
1759:
1750:
1557:"Why would a Vulture Fund own a Children's Charity"
1647:Africa Action Campaign to Stop Vulture Funds US
1168:. Government of the Isle of Man. Archived from
310:Governmental and non-governmental organisations
778:Moles, Peter; Terry, Nicholas (10 June 1999).
1728:
1659:Jubilee Debt Campaign action on vulture funds
1350:"How do vulture funds exploit tax loopholes?"
1218:"Guernsey government targets 'vulture funds'"
1164:Chief Secretary's Office (12 December 2012).
1023:
1021:
961:
959:
781:The Handbook of International Financial Terms
746:. In Alexander, Kern; Dhumale, Rahul (eds.).
676:(2). Chartered Institute of Arbitors: 208–213
8:
1461:"Forget Apple: Ireland's other taxing issue"
480:Blackman, Jonathan I.; Mukhi, Rahul (2010).
376:In October 2016, the Irish State closed tax
2212:Alternative investment management companies
2189:Standards Board for Alternative Investments
906:
904:
2237:
2093:Taxation of private equity and hedge funds
1969:
1756:
1735:
1721:
1713:
750:. Cheltenham: Edward Elgar. p. 426.
615:
1629:Distressed Debt Returns to the Spotlight
1074:. Jubilee USA. June 2009. Archived from
928:
926:
99:some instances, such as those involving
989:
987:
454:
266:In 2009, bipartisan legislation in the
55:, intended as critical of vulture funds
27:Fund that invests in distressed assets
1793:fixed-income relative-value investing
1480:Boland, Vincent (11 September 2016).
695:Huang, Peter; Knoll, Michael (2000).
579:from the original on 19 December 2023
182:Corporation law and theory of finance
7:
415:). On 28 December 2018, the Irish
178:sense due to their length and cost.
1198:. Parlinfo.aph.gov.au. 25 June 2012
1685:Economics of Vulture Funds -Ft.com
1604:Jennifer Bray (28 December 2018).
1563:. 24 November 2016. Archived from
1519:David McWilliams (1 August 2016).
1449:(Dail Submission). September 2016.
25:
719:"The Theory of Corporate Finance"
87:considered to be very weak or in
2236:
2227:
2226:
2217:
2216:
2207:
2206:
1913:
565:Bronstein, Hugh (26 June 2016).
63:Anti-vulture fund sign in Dublin
1119:Antonio Gambin (5 March 2018).
1100:Wray, Richard (11 April 2010).
362:United Nations General Assembly
316:Organisation of American States
252:Organisation of American States
43:Mural of a vulture across from
1261:Wray, Richard (8 April 2010).
994:Alexander Main (9 July 2014).
940:. 15 June 2014. Archived from
911:Wray, Richard (8 April 2010).
439:Collateralized debt obligation
1:
853:Moore, Jina (22 March 2014).
742:Pesendorfer, Dieter. (2012).
486:Law and Contemporary Problems
231:The term "vulture fund" is a
123:'s gold reserves held by the
2067:security characteristic line
1049:. Govtrack.us. 1 August 2008
1047:"The Stop VULTURE Funds Act"
407:created a new structure the
328:Council on Foreign Relations
285:Argentine debt restructuring
256:Council on Foreign Relations
196:payments are not made (i.e.
2055:Capital asset pricing model
1774:Capital structure arbitrage
855:"The end of vulture funds?"
784:. Oxford University Press.
638:Szulu, Tad (15 July 1957).
291:International Monetary Fund
221:North Circular Road, Dublin
2294:
1857:Commodity trading advisors
1671:Investopedia: vulture fund
814:"The International Review"
812:Cone, Sydney (Fall 2010).
282:
219:Anti-vulture fund sign on
31:
2202:
2194:Managed Funds Association
2138:High-net-worth individual
1911:
604:Journal of Legal Analysis
360:On 9 September 2014, the
136:champerty and maintenance
2031:Arbitrage pricing theory
1525:The Sunday Business Post
1408:The Sunday Business Post
32:Not to be confused with
2143:Institutional investors
2036:Assets under management
1861:managed futures account
1286:IndyBay International,
827:(1): 17. Archived from
540:"A victory by default?"
405:Central Bank of Ireland
2168:Sovereign wealth funds
1940:High-frequency trading
1789:Fixed income arbitrage
279:Financial institutions
223:
83:fund, that invests in
64:
56:
2010:Structured securities
1826:Distressed securities
1798:Statistical arbitrage
1784:Equity market neutral
1779:Convertible arbitrage
1640:28 April 2018 at the
717:Tirole, Jean (2006).
664:Ng, Jern-Fei (2010).
271:reform organization,
218:
93:distressed securities
62:
42:
2128:Financial endowments
2073:Fundamental analysis
1821:Shareholder activism
1803:Volatility arbitrage
1664:18 July 2007 at the
1652:9 March 2010 at the
1320:. 16 September 2016.
972:. Dannyleipziger.com
388:tax-law firms (e.g.
117:sovereign defaulting
2242:List of hedge funds
2232:Hedge fund managers
2148:Insurance companies
2133:Fund of hedge funds
2041:Black–Scholes model
1955:Proprietary trading
1930:Algorithmic trading
1897:Fund of hedge funds
1690:14 May 2007 at the
1469:. 6 September 2016.
1428:. 29 November 2016.
1338:. 6 September 2016.
1303:, 11 September 2014
821:New York Law School
518:The Daily Telegraph
273:Jubilee USA Network
227:Term "vulture fund"
77:private-equity fund
2098:Technical analysis
1704:- video report by
1631:FTfm, 30 July 2007
1356:. 17 October 2016.
1290:, 9 September 2014
1224:. 20 October 2012.
644:The New York Times
617:10.1093/jla/las004
444:Vulture capitalist
366:debt restructuring
224:
65:
57:
2250:
2249:
2106:
2105:
1909:
1908:
1876:Long/short equity
1852:Convergence trade
1836:Special situation
1508:. 21 August 2016.
1506:Irish Independent
1410:. 8 January 2017.
1392:. 8 January 2017.
1318:Irish Independent
352:contested debts.
16:(Redirected from
2285:
2278:Pejorative terms
2268:Investment funds
2240:
2239:
2230:
2229:
2220:
2219:
2210:
2209:
2153:Investment banks
2000:Foreign exchange
1970:
1917:
1757:
1737:
1730:
1723:
1714:
1614:
1613:
1601:
1595:
1594:
1583:
1577:
1576:
1574:
1572:
1553:
1547:
1546:
1535:
1529:
1528:
1516:
1510:
1509:
1498:
1492:
1491:
1477:
1471:
1470:
1457:
1451:
1450:
1447:Stephen Donnelly
1444:
1436:
1430:
1429:
1418:
1412:
1411:
1400:
1394:
1393:
1382:
1376:
1375:
1364:
1358:
1357:
1346:
1340:
1339:
1328:
1322:
1321:
1310:
1304:
1297:
1291:
1284:
1278:
1277:
1275:
1273:
1258:
1252:
1251:
1249:
1247:
1232:
1226:
1225:
1214:
1208:
1207:
1205:
1203:
1192:
1186:
1185:
1179:
1177:
1161:
1155:
1154:
1143:
1137:
1136:
1134:
1132:
1127:on 14 March 2018
1123:. Archived from
1116:
1110:
1109:
1097:
1091:
1090:
1088:
1086:
1080:
1073:
1065:
1059:
1058:
1056:
1054:
1043:
1037:
1036:
1025:
1016:
1015:
1013:
1011:
1002:. Archived from
991:
982:
981:
979:
977:
971:
963:
954:
953:
951:
949:
944:on 8 August 2014
930:
921:
920:
908:
899:
898:
890:
888:
883:on 25 April 2016
879:. Archived from
873:
867:
866:
864:
862:
850:
844:
843:
841:
839:
833:
818:
809:
803:
802:
800:
798:
775:
769:
768:
766:
764:
739:
733:
732:
730:
728:
723:
714:
708:
707:
705:
703:
692:
686:
685:
683:
681:
661:
655:
654:
652:
650:
635:
629:
628:
626:
624:
619:
595:
589:
588:
586:
584:
562:
556:
555:
553:
551:
536:
530:
529:
527:
525:
508:
502:
501:
499:
497:
477:
471:
470:
459:
258:, among others.
21:
2293:
2292:
2288:
2287:
2286:
2284:
2283:
2282:
2253:
2252:
2251:
2246:
2198:
2184:Fund governance
2172:
2102:
2026:Absolute return
2014:
1965:
1959:
1950:Program trading
1945:Prime brokerage
1918:
1905:
1885:
1881:Trend following
1866:Dedicated short
1840:
1807:
1764:
1752:
1746:
1741:
1692:Wayback Machine
1666:Wayback Machine
1654:Wayback Machine
1642:Wayback Machine
1622:
1617:
1603:
1602:
1598:
1593:. 28 June 2018.
1585:
1584:
1580:
1570:
1568:
1567:on 11 June 2018
1555:
1554:
1550:
1545:. 14 July 2016.
1537:
1536:
1532:
1518:
1517:
1513:
1500:
1499:
1495:
1487:Financial Times
1479:
1478:
1474:
1459:
1458:
1454:
1442:
1438:
1437:
1433:
1420:
1419:
1415:
1402:
1401:
1397:
1384:
1383:
1379:
1366:
1365:
1361:
1348:
1347:
1343:
1330:
1329:
1325:
1312:
1311:
1307:
1298:
1294:
1285:
1281:
1271:
1269:
1260:
1259:
1255:
1245:
1243:
1242:on 7 April 2010
1234:
1233:
1229:
1216:
1215:
1211:
1201:
1199:
1194:
1193:
1189:
1175:
1173:
1172:on 3 March 2013
1163:
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394:distressed debt
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125:Federal Reserve
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81:distressed debt
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1707:Democracy Now!
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2117:
1995:Fixed income
1871:Global macro
1813:Event-driven
1705:
1680:Anne Krueger
1599:
1581:
1569:. Retrieved
1565:the original
1561:Dáil Éireann
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1270:. Retrieved
1267:The Guardian
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1240:the original
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154:agreements.
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69:vulture fund
68:
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34:Venture fund
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2222:Hedge funds
1985:Derivatives
1980:Commodities
1935:Day trading
1845:Directional
1744:Hedge funds
1610:Irish Times
1591:Irish Times
1543:Irish Times
1426:Irish Times
1372:Irish Times
1354:Irish Times
857:. AlJazeera
583:19 December
467:independent
429:newspaper.
426:Irish Times
299:debt relief
268:US Congress
262:Legislation
248:Group of 77
198:foreclosure
167:hedge funds
163:Brady bonds
148:petrodollar
91:, known as
45:Ulster Bank
2257:Categories
2177:Governance
1751:Investment
1246:15 October
1033:MercoPress
976:15 October
450:References
380:that U.S.
295:World Bank
283:See also:
244:World Bank
211:Viewpoints
202:bankruptcy
175:World Bank
73:hedge fund
2111:Investors
1761:Arbitrage
1108:. London.
919:. London.
417:Taoiseach
378:loopholes
347:told the
320:G77+China
105:Argentina
1753:strategy
1688:Archived
1662:Archived
1650:Archived
1638:Archived
1571:27 April
1466:BBC News
1336:RTE News
1222:BBC News
1176:6 August
1151:BBC News
1131:14 March
727:3 August
702:3 August
577:Archived
433:See also
390:Matheson
237:vultures
233:metaphor
194:mortgage
1973:Markets
1964:Related
1923:Trading
1202:28 July
1085:23 July
1053:28 July
1010:10 July
948:31 July
861:19 July
838:22 July
797:21 July
763:19 July
680:4 March
649:4 March
623:4 March
572:Reuters
550:4 March
524:21 July
496:19 July
492:: 47–61
409:L-QIAIF
372:Ireland
140:England
111:History
89:default
53:Ireland
2045:Greeks
1990:Equity
887:26 May
788:
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151:crisis
121:Brazil
49:Dublin
47:HQ in
2088:Short
2078:Hedge
2059:alpha
1966:terms
1890:Other
1678:, by
1443:(PDF)
1079:(PDF)
1072:(PDF)
970:(PDF)
938:Telam
832:(PDF)
817:(PDF)
722:(PDF)
303:Ghana
71:is a
2263:Debt
2063:beta
2019:Misc
1573:2018
1274:2014
1248:2013
1204:2014
1178:2015
1133:2018
1087:2014
1055:2014
1012:2014
1000:CEPR
978:2013
950:2014
889:2015
863:2014
840:2014
799:2014
786:ISBN
765:2014
752:ISBN
729:2014
704:2014
682:2013
651:2013
625:2013
585:2023
552:2013
526:2014
498:2014
413:GNI*
386:IFSC
293:and
289:The
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