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Argentina's
success in securing a debt restructuring
with the biggest debt relief in recent
sovereign lending history reflects the
legitimate leverage a sovereign can exert
over its private creditors in unsustainable
debt situations. But, as this paper argues,
fundamental issues in debt sustainability
and the macroeconomics of development
financing remain unresolved for Argentina
as for other emerging markets; as does
the need to rewrite the rules of sovereign
bankruptcy proceedings..
April 5, 2005. |
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