Clauses & Controversies: A Dramatic Account of Argentina's Sovereign Debt

Argentina's 2001 Debt Saga Revisited Argentina's 2001 default spawned nearly 15 years of litigation, culminating in the (in)famous pari passu injunction. Many episodes of the saga have been told in isolation, but it is complicated—FRANs, pari passu, Lock Law, RUFO, etc.—and, until recently, we didn't know of anything that captured it in full. Our guest, Greg Makoff, has written a forthcoming book that manages to tell the entire story clearly without sacrificing either the drama or the complexity. The book is Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring. We talk to Greg about mistakes made (many, many mistakes) in the course of Argentina's 2005 and 2010 debt restructurings and about whether lessons can be drawn for the country's current debt troubles. Producer: Leanna Doty