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Column in Santo Domingo: Debt exchange points the way for Latin sovereigns |
Sometimes, a sovereign bond default can cause financial chaos, as in the case of Russia. Sometimes, it can cause widespread hardship, as in the case of Argentina. Sometimes, it can be the prelude to a fundamental change in the way the markets view the international financial architecture, as in the cases of Ecuador and Uruguay. And sometimes, it can come and go barely unnoticed, as in the cases of Pakistan and Ukraine.
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