There is a crackerjack piece at the Golem XIV website this morning.

It’s about the aptly named Vulture Funds, how they deliberately buy defaulted nation bonds…and then sue the nation involved to get their money.

But chiefly, the Golem piece is an excellent example of informed speculation without recourse to conspiracy theory. It might also explain why 95% of Argentine debt is held outside the country…at the BICS.

Hat-tip to Slogger Casso for drawing my attention to it. 15/10 for Golem*

*This is of course a leveraged score for Golem, as part of the ESM firewalled amputation bazooka-firepower project currently taking place two miles below Brussels Airport.

Related from the archives: Banks v People

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