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Argentina Won’t Pay!
Mar 30, 2024
Author Greg Makoff discusses Argentina's $100 billion debt restructuring, focusing on legal battles, challenges with the IMF, and using collective action clauses. The podcast also delves into sovereign debt dynamics, personal reflections on the 2001 financial crisis, optimism for Argentina's future, and discussions on public health disasters and rebuilding trust in science.
47:07
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Quick takeaways
- Argentina's unique legal battle with creditors extended for 15 years due to inflexibility in debt restructuring negotiations.
- Introduction of collective action clauses in bonds aims to prevent holdouts from disrupting sovereign debt restructuring processes in the future.
Deep dives
Argentina's $100 Billion Debt Default
Argentina defaulted on $100 billion of bonds in 2001, facing a unique challenge as countries cannot file for bankruptcy. Unlike other nations, Argentina clashed with the IMF and its creditors, leading to a legal battle in New York. While most countries reach consensual debt restructuring deals, Argentina's inflexibility extended the litigation for 15 years.
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