The fate of Aries Vermogensverwaltungs appeared to be more or less sealed when the Russian Federation recently announced that it would buy back all of its $22 billion in face value of Paris Club debt. The securitization with the astrological namesake is linked to debt that Germany, as a Paris Club creditor, had extended to Russia. As such, the evaporation of the debt would seem to automatically redeem the deal.

But this ram's a lot woollier than it seems.

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