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The latest on the Argentinian debt

Debt Default is a Solution, Not a Problem by John Weeks
Thu, 2014-08-07 19:13

The problem is not default, the problem is the absence of an international mechanism to bring it about in an orderly manner.

Argentina’s Griesafault by Joseph Stiglitz, Martin Guzman
Thu, 2014-08-07 18:41

Argentina's recent default was the work of one man: US federal judge Thomas Griesa, who prohibited the country from repaying its creditors until it repaid in full the 7% who refused a restructuring deal. Ultimately, however, it may be America that pays the steepest price.

Sovereign Debt at Square One by Jeffrey Frankel
Thu, 2014-07-17 14:13

The US Supreme Court has barred Argentina from making payments to fulfill debt-restructuring agreements with its creditors unless the 7% of creditors who rejected the agreements are paid in full. While it is hard to cry for Argentina, the ruling sets back the evolution of the international regime for restructuring sovereign debt.

Interpreting the Pari Passu Clause in Sovereign Bond Contracts: It's All Hebrew (and Aramaic) to Me (Federal Reserve Bank of Chicago)
Wed, 2014-06-25 16:10
A working paper by Mark L. J. Wright (May 2014)

Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling (Harvard University)
Wed, 2014-06-25 16:00
A working paper by Laura Alfaro (June 2014)

The Argentina Paradox: Microexplanations and Macropuzzles (University of California, Davis)
Wed, 2014-06-25 15:56
A working paper by Alan M. Taylor (February 2014)

Don't welch on me, Argentina by James K. Glassman
Wed, 2014-06-25 15:10
The country has already managed to defy other institutions critical to the world financial order, including the World Bank and U.S. courts. It is hard to believe, especially without the participation of the IMF, that the Paris Club deal closes the books on Argentina's debt to other countries.

The Paris Club, Vulture Funds, and Global Debt Restructuring by Matias Vernengo
Wed, 2014-06-25 15:00
In all fairness, not having an IMF program is good, but it is NOT a sufficient condition to guarantee that austerity measures will be discarded altogether.

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