It’s one thing for Argentina to default on its bonds. Now, though, in the wake of Argentina’s collapse, the World Bank has also decided that it is happy to leave bondholders unpaid. In mid-October, the Bank essentially destroyed the structure of an innovative bond it had partly guaranteed. It thereby managed to resolve a tricky dilemma but also embarrassed itself, the ratings agencies and Goldman Sachs and JPMorgan.
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Restructuring at all levels: |
In October 1999, Goldman and JPMorgan launched a $1.5
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