The offer of $12 billion did the rest.The buy-back puts cash in the hands of creditors, who grew accustomed over the years to receiving precious little from Nigeria.
But their anxiety is not hard to understand: Argentina accounts for about a quarter of all traded emerging-market debt and its creditors have grown nervous about the talk of default.And neither the country's foreign creditors, nor those at home who hold about half the country's total debt, will have been cheered by a newspaper article by Michael Mussa, a former chief economist of the IMF.
Last month, for example, Mr. Suria wrote another report on Amazon in which he predicted that the company's creditors would grow fearful of Amazon's ability to pay its bills and would stop financing the company later this year.
Kirch's creditors are growing very impatient, but his rivals fear that if Kirch is forced to sell assets to pay down his debt, that would allow the likes of Murdoch and Malone to crash into their market.
Unless and until creditor countries grow faster, which may mean accepting higher inflation, the euro crisis will not go away.
With the pool of assets dwindling, the fight to recover funds for clients and creditors alike has grown more contentious.
As for the holdout creditors, they have growing reasons to consider selling out rather than continuing to sulk or make trouble: the positive vibes emanating from this week's meeting sent the price of AHAB's debt up to 17 cents on the dollar, almost double its level a year ago.
If borrower resistance grows, creditors would find it ever more difficult to assert control over borrowers' economic policies.
And so increasing doses of austerity were administered while the debt grew larger, forcing creditors to extend more loans in exchange for even more austerity.
His money problem apparently grew worse, with creditors taking him to small-claims court soon after.
