The Vulture and the Queen

In the late 1990's, hedge-fund billionaire Paul Singer embarked on an unprecedented and very risky investment strategy. He began buying up the debt of Argentina while the country was on the brink of default, often paying pennies on the dollar, eventually accumulating bonds with a face value of $630 million. After Argentina defaulted on its debts in 2002, it was able to settle with its creditors, often for 30 cents on the dollar. Most creditors happy to settle and get at least some of their money back. But not Paul Singer, who held out for the full $630 million. However, Singer soon found himself with a stubborn adversary in the person of Cristina Kirchner, nicknamed "the Botox Queen" for her dedication to fashion, glamor and cosmetic surgery. Kirchner was the widow of Nestor Kirchner, a powerful and charismatic leftist President who had credited with saving Argentina from economic ruin in 2002. In 2007, he had turned the presidency over to his popular wife, who was often called "the new Evita." But tragedy struck the Kirchners when Nestor - long considered the real power in the country - died suddenly of a heart attack in 2010. Cristina struggle on alone, but her popularity declined as she pushed a series of unpopular economic reforms and began an aggressive campaign for the return of the Falklands after the brief war with Britain. By 2012, Argentina had settled with most of its creditors - except for Paul Singer and a handful of others. A bombshell hit that year when an obscure 83-year old federal court judge in Manhattan ruled that Argentina had to pay Singer the full amount - a reversal of several centuries of international law. The judge set a deadline for repayment and Argentina was threatened with default. Not only would this cut off the country from world credit markets - it would mean terrible suffering for the Argentine people. Even worse, it would upset the entire world financial system, particularly for developing nations, who would be severely limited in their ability to borrow. From the Obama administration to the UN and the International Monetary Fund, there has been a huge outcry. But the federal judge and Paul Singer are standing firm, even as settlement talks continue past the deadline. As the crisis has blossomed, a host of colorful and flamboyant characters have entered the scene, from the glamorous Argentine Minister of the Economy with rock-star looks to the aged and possibly addled federal judge. As the crisis comes to a head this fall, this fascinating and engaging story will surely bring headlines to the news and fascinate readers. Hoyt Hilsman is an author, journalist and former candidate for US Congress in California. He has written extensively for national media, including the Los Angeles Times, Chicago Tribune and Baltimore Sun. He is a regular columnist for the Huffington Post and has appeared on radio and television programs. He has published several political thrillers, including Nineteen Angels, which is in development as a feature film. He has written screenplays and teleplays for Sony, New Line, Disney, CBS and ABC. He is active in politics and public policy and was a candidate for Congress in 2006 and 2008.