It is exactly five years since Argentina defaulted on $81.8 billion of debt and devalued its currency. At the time, it was difficult to see how the Latin nation could extricate itself from financial crisis.
How things have changed. Not only has Argentina restructured its debt with its private bondholders, it has paid the IMF the almost $10 billion it owed the multi- lateral and is now seeking to tackle the $6.3 billion of defaulted debt it owes the Paris Club of official creditors.
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