Argentina Vs. Billionaire Paul Singer's Elliott Management: Who Has The Upper Hand?

The Argentine government and Elliott Management, the hedge fund run by billionaire Paul Singer, are playing a deadly game of poker where both sides are vying for an upper hand.  In a court battle that has lasted over ten years, the so-called vulture funds have the advantage of several court decisions in their favor, while the administration of President Cristina Kirchner can rely on the nuclear option, a threat of default, to extract concessions.  In reality, both sides have been dealt a weak hand and are looking to bluff their way out of it.  Ultimately, the best both of them can hope for is for the other to act rationally to arrive at a compromise that is truly mutually beneficial.