Playing the Victim

Playing the Victim

Corporate & Sovereign Strategy

Incredible as it may seem, Argentina's shell-shocked private pension funds could well survive the government's December 2001 default in relatively good shape, even though their original holding of $15 billion in public bonds has not paid a cent in interest and has lost 70% of its value since then. In the months prior to the default, as confusion and panic reigned in Buenos Aires, it seemed the funds were doomed. Portfolio managers at Argentina's private pension funds - among the biggest holders of government bonds - met every day to try and make sense of the unfolding disaster. "It was total confusion," recalls one manager. "We would get together every day and guess wha

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