Let's do this one as a list:
1. The Argentine navy owns and operates a . (This is , as it turns out.)
2. A hedge fund called — basically, loans Argentina decided not to repay.
3. The hedge fund has been trying to repossess Argentina's giant sailing ship, for partial payment of the debt. (It's also been doing other, , things to try to get the money.)
3. The ship, called (ironically?) the Libertad, docked in Ghana in October. The hedge fund asked a Ghanain court to . The court agreed. The ship has been held in Ghana since then.
4. is a thing.
5. The International Tribunal for the Law of the Sea just ruled that Ghana has to let the giant sailing ship leave. "One more time we've delivered," the . "The frigate is returning."
7. The says it will "carefully consider the tribunal's order with a view to ensuring that it is given effect." Which sounds like they're probably going to let the ship go home.
The ship is good color. But there are a bunch of interesting, complicated themes here that go beyond the ship and get into when countries have to pay back money they owe, and when they don't. For more on those themes, see this and this .
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