Some of the world’s largest hedge funds have been snapping up Argentine stocks, betting on an economic recovery in the troubled country despite it defaulting on its debt for the second time in 13 years.
Hedge funds have built positions in Argentina’s energy companies, banks and telecoms operators in a show of confidence that the clash between Buenos Aires and its holdout creditors will yet be resolved.
Standard & Poor’s placed Argentina’s credit rating on “selective default” on Wednesday after it failed to make a $539m interest payment on its debt. Axel Kicillof, economy minister, said “vulture funds” had rejected a renewed offer from the government and it was “impossible” to pay them more.
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