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The Argentinean Carousel, After 3/4 of a century it |
| | Economic Outlook | | |
Author: George Arfield
Guest Contributor
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Argentina’s president Néstor Kirchner triumphantly told a cheering Congress on March 1 that roughly three-fourths of the holders of the country’s US$102 billion defaulted sovereign debt and accrued interest had acquiesced to his government’s take-it-or-leave-it offer to settle for a paltry 30 cents on the dollar. It was, he exulted without apology, “the best debt renegotiation in history.”
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