Stop Making Argentina Your Morality Tale
After Years of Every Default and Inflation Scenario Imaginable, Arcane Financial Developments Are Now Dinner Table Conversation
I woke up a couple of weeks ago to an Argentina that had, against its will, defaulted on its sovereign debt. For those unversed in international finance terminology, that basically means a country is failing to make payments due to bondholders. These situations are often accompanied by economic chaos, but, fortunately, the day was anti-climactically lacking in catastrophe. The New York Times wondered if we were in denial.
Not a chance. National headlines proclaimed imminent disaster, while the minister of economy’s announcement of failed negotiations received reality-TV-worthy audiences. Every conversation …