vulture funds


Vulture Funds Leave Spain in Search of Fresh Game

F.Barciela / F.G. Ljubetic | Just as was expected, the ‘Opportunity Funds’ (or Vulture Funds as they are referred to) are starting to unwind positions and leave Spain: good news, because it shows that the days of bargains are over as the country is firmly on the road to recovery. But the fact these funds are leaving Spain doesn’t mean they will not have other opportunities. Now they are betting on countries like Brazil, Greece, Italy or Puerto Rico.

Fondos Inversion Recurso3TC

Foreign money comes back to Spain

MADRID | By Fernando Barciela | Last year, according to the World Investment Report 2014 by the UNCTAD, Spain received more foreign direct investment (FDI) than countries as the United Kingdom, Germany or Holland: up to $39,167 billion (52.4% more than in 2012). Who are boosting the investment activity? The so-called vulture funds are the ones that first noticed Spain’s “possibilities”: Lone Star, Cerberus, Burlington, GreenOak, Colony, Fortress or H.I.G –most of them North Americans.


Argentina: Griesa’s ruling sets dangerous precedent in debt restructuring processes

MADRID | The Corner | Many got it all wrong: the problem with Argentina is not the so-called “second default in 12 years,” but U.S. District Judge Thomas Griesa’s ruling. The country will need to pay holdouts $1.33 billion plus interest. And that sets an extremely dangerous precedent for future restructuring processes of sovereign debt. No bond-holder will accept a haircut knowing that, at the end of the day, he could ask for the full amount. (Fig left: Argentina’s national reserves; right: sovereign CDS).


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Foreign Investment in Spain: Vulture Funds, Venture Capitals, and Billionaires Enjoying Cheap Prices

MADRID | By Julia Pastor | Banco Santander’s chairman Emilio Botín pointed it out a couple of weeks ago: “Everyone is interested in Spain to invest”. Meanwhile, Bill Gates bought 6% of the FCC. As if light had come to the Spanish economy, €20bn of foreign investment has flooded the country in the first eight months of 2013, doubling last year’s figures.