Source: www.breakingviews.com is Europe’s leading financial commentary service
Want to know how not to run a massive debt restructuring? Then just look at Argentina. For almost two years after the country defaulted, it did nothing to restructure its $100 billion of debts. Then it tried to bully its creditors into accepting a mean settlement. Investor confidence collapsed. Several creditors have taken to the courts to confiscate Argentine assets held abroad.
This has the makings of a vicious circle.
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