Putting Thought Into Action

Putting Thought Into Action

Argentina

In Buenos Aires, government officials accuse Adam Lerrick of exploiting guileless European bondholders with his plan to negotiate on their behalf. Like it or not, Lerrick will probably play an important role in debt talks, once they start. His Argentine Bond Restructuring Agency (Abra), the vehicle he set up to hold Argentine defaulted debt, holds more than $1 billion in bonds. Lerrick claims Abra gives individual investors a voice at the negotiating table rather than being elbowed aside by bigger, more sophisticated professional investors. "Abra was launched last May and in eight weeks became Argentina's largest foreign private creditor," he says. When Argentina's debt i

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