By Tim Fernholz – The whole reason for Argentina’s 2001 default was the string of currency crises in Asia and South America in the 1990s, with the IMF and other international financial leaders having bungled their responses to a series of problems in developing economies.
Now, because the courts didn’t provide a pathway to a settlement, some say that New York’s status as a center for international finance may wane.
But why did Argentina issue its bonds in New York in the first place?
In no small part because people with money trusted US law more than that of Argentina, thanks to the country’s history of erratic economic policy. That suggests the real villain is … more> http://tinyurl.com/pao4nwk
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- Argentina’s debt saga shows why we need a better way to deal with bankrupt countries, Brett House, Quartz