Argentina is lacking in many things: Sufficient reserves to pay its bills, for one. International goodwill, for another. The patience of a certain very important federal judge. Goals in the World Cup.
But Argentina is also a very rich country: Rich in beef, in the fruit of the vine, in natural resources, and, perhaps above all, in unique recalcitrance vis-à-vis hedge funds it owes money. Well, in a last-ditch and almost certainly too-late bid to avert a default that it says is not a default, Argentina has parted with some of that precious recalcitrance, at last deigning to have its people chat with Paul Singer’s people about getting out of this mess with other peoples’ money and rights. Read more »