When Argentina defaults for the 10th time – in 2024 or thereabouts – there will be plenty of blame to go around. Most of the responsibility will surely be laid at the door of Martin Guzman, an academic campaigner for a new approach to renegotiating sovereign defaults and now economy minister of the perennially debt-stricken country.
Perhaps that will be unfair. Maybe blame would be better placed at the door of the IMF and the institutional investors who agreed the 2020 debt deal that enabled the government of Alberto Fernandez to return to Kirchner-era economic policies – with utterly predictable results.
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