More on Argentina external debt
Special report from The Economist.
“Argentina defaulted so heavily because it defaulted so late. Its descent into default, devaluation and destitution is vividly recounted in a new book by Paul Blustein (seearticle). Far from being too ready to flout its obligations, he concludes, Argentina was too reluctant to do so. Domingo Cavallo, a messianic politician who returned as finance minister in 2001, would not countenance default. “Who could conceive such a destructive idea for a country, and be bold enough to propose it?” he wrote in the Financial Times.”