Slate Money - Money Talks: What Happens When a Country Won’t Pay Its Debt?
Slate News
Slate Podcasts
4.5 • 6K Ratings
🗓️ 19 March 2024
⏱️ 43 minutes
🧾️ Download transcript
Summary
For this edition of Money Talks, Felix Salmon chats with Jay Newman, the former hedge fund manager who helped Elliot Management recover $2.4 billion from Argentina after that country defaulted on its loans. Jay shares his philosophy on sovereign debt and recounts a 16-year battle full of judicial intrigue.
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Podcast production by Jared Downing and Cheyna Roth.
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Transcript
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| 0:00.0 | Hello and welcome to money talks from Slate Money. |
| 0:16.0 | I'm Felix Salmon of Axios and this week I am going to nerd out on my single favorite subject in the entire |
| 0:26.1 | history of finance, which is not just sovereign debt restructuring, but Argentine |
| 0:32.1 | sovereign debt restructuring. |
| 0:33.9 | This is going to be a historic conversation.'m sure about this is going to be absolutely |
| 0:40.4 | amazing here at slate money we receive a lot of books and we read a lot of books and we talk to |
| 0:45.6 | a lot of authors and in this case I received a book from a chap named Greg Maycoff all about |
| 0:51.1 | the court fight over the Argentine debt restructuring that began, I guess, in |
| 0:55.6 | mid-2000s. And it was a great book, and I blubed it, and it's out, and you should go read it. |
| 1:00.0 | It's called Default by Greg Maycoff. And the person I am talking to about this book is not. |
| 1:05.5 | Instead, I am talking to Jay Newman. Jay, welcome. |
| 1:14.4 | Felix, I'm extremely excited to be here. If you've heard about this case at all, you've probably heard it referred to as Elliott versus Argentina. |
| 1:20.2 | And Jay basically is Elliott for these purposes. Jay was working for Elliot. Jay represented |
| 1:26.6 | Elliot. Jay was the person who |
| 1:27.8 | came up with the whole strategy. So we're going to talk about this big fight between Jay Newman |
| 1:33.3 | and the country of Argentina. And this is like Jay, who's one guy on this show versus an entire |
| 1:39.2 | sovereign nation, he, spoiler alert, winds up winning the fight to get paid back on the bonds that Argentina issued and then defaulted on. |
| 1:48.9 | There's a bunch of judicial intrigue. |
| 1:51.6 | This thing goes on for 16 years. |
| 1:53.4 | We're going to talk about how it began, how it ended, and everything in between. |
| 1:57.8 | It's all coming up on Money Talks by Slate Money. |
| 2:05.0 | Jay, let's start with you introducing yourself and take some time on this one because I feel |
... |
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