Jay Newman on the Hidden Story of How Money is Moved Around the World
Macro Hive Conversations With Bilal Hafeez
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What Happened in Argentina?
The debt that was created back in the in the seventies and early eighties by the banks had very strong covenants. Those covenents carried over into bond contracts which were issued up until around two thousand and two thousand and five. But since then there has been a concerted effort on the part of the official sector to change the terms of the bond contract. And almost every term that enhanced the ability of creditors to enforce has been diluted, making enforcement virtually impossible today.
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