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Episode 689: A Hedge Fund, A Country, And A Big Sailboat : Planet Money Argentina decided that it could take on the world. They had a bunch of debt and said, 'we're not paying.' Then a group of hedge funds took the entire country to court.

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Episode 689: A Hedge Fund, A Country, And A Big Sailboat

Episode 689: A Hedge Fund, A Country, And A Big Sailboat

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Argentina's three-masted navy training tall ship ARA Libertad, which was seized as collateral for unpaid bonds dating from Argentina's economic crisis a decade ago. (AP Photo/Gabriela Barnuevo)
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Gabriela Barnuevo/AP
Argentina&#039;s three-masted navy training tall ship ARA Libertad, which was seized as collateral for unpaid bonds dating from Argentina&#039;s economic crisis a decade ago. (AP Photo/Gabriela Barnuevo)
Gabriela Barnuevo/AP

In this episode, we follow a debt default drama to its bitter end. Argentina decided that it could take on the world--it defaulted on its loans, dug in its heels and took a hard line against its lenders. The country would not pay what it was owed. Lenders blinked. Victory seemed near. But a group of hedge funds had a different plan. They took the entire country to court.

Music: Harlin James' "Ready To Fly." Find us: Twitter/ Facebook.

Planet MoneyPlanet Money

The Economy Explained