Argentina has embarked on the biggest bond default in history, and for all the country’s attempts to do so in a transparent and orderly manner, the process is not looking very pretty so far.
A comprehensive Argentine debt restructuring has been a question of when rather than whether for some months. And as far as rating agency Standard&Poor’s is concerned, at least, the key date was November 6. That was when the sovereign announced that it was going to swap its outstanding bonds for new loans, issued under Argentine law and collateralized by tax receipts.
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