Why Was Argentina’s 2001 Default So Contentious?
A new book retraces the 15 years of grueling litigation that followed but doesn’t emphasize the contractual changes it provoked.
This article is adapted from AQ's special report on Latin America's ports In the introduction to his new book, Default: The Landmark Court Battle over Argentina’s $100 Billion Debt Restructuring, think-tank fellow and former banker Gregory Makoff proposes to “take readers into the room … telling the story almost as a historical drama.” This meticulously researched and organized story, indeed, provides a play-by-play account of the complex litigation that, from 2002 to 2016, pitted thousands of holders of defaulted Argentine bonds against the country’s government, mostly in...
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