Lee Buchheit, a lawyer at US firm Cleary Gottlieb, has been present at all the major debt crises of the past three decades. His reputation among investors is as a fearsome and aggressive litigator, but finance ministers in distress see him as something of a fairy godmother.
He insists he does not make a moral judgement in choosing who he acts for, but rather enjoys working for the debtor nations. "It's just more fun," he says. "If you represent the lender, your client is tiresomely saying things to you like, 'Why don't they just pay us the money back?' When you're on the debtor side, you can say, 'If you want to get it back, why did you give it to us?'"
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