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Economy
Did Argentina default?
2015-02-01
Spoiler: It did not, but some private entities are going to court to collect more money from Argentina as Argentina refuses to negotiates. Iffin it ain't a mess, it'll do 'til the mess gets here.
A US court ruling has warped the otherwise precise meanings of three key words – “republic”, “sovereign”, and “default” – leading to absurdities like a New York district court holding the Republic of Argentina in “contempt of court”! The entire understanding of sovereign debt and its restructuring is being read through private “contract law” that cannot address the complex questions that are inherently public in nature, à la questions around restructuring Argentina’s debt. It appeared that a misreading of key words could benefit some vulture funds, but so far no one has seen as much as a penny! Maybe they never will.
More at the link
Posted by:badanov