Postalis loses R$ 190 million due to Argentine default.
The pension fund for postal workers, with 200 participants, invested R$ 370 million in securities guaranteed by Argentine debt bonds; Postalis reported that it "hired law firms in Brazil and the US to defend its interests" after Cristina Kirchner's government defaulted on its foreign debt for the second time in 13 years.
247 The Postalis pension fund, belonging to the Brazilian postal service, could lose R$ 190 million due to Argentina's default, which last week marked the second time in 13 years that Argentina failed to pay its external debt.
The pension fund for postal service employees, with 200 participants, invested R$ 370 million in securities backed by Argentine debt bonds.
In a statement, Postalis reported that the investment was made without its knowledge and that it "hired law firms in Brazil and the US to defend its interests."