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Policy Brief 05-2

After Argentina

by Anna Gelpern, Peterson Institute for International Economics

September 2005

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Has the biggest sovereign debt default in history passed without answering the urgent legal and policy questions it posed, and with barely a ripple in the global financial markets? So far, pretty much. Lawsuits have not yielded a penny for the creditors. They failed to stop the spring 2005 debt exchange or dent Argentina’s recovery. Bondholders failed to stick together; the markets failed to banish a defaulter; and the official sector failed to change the outcome. Thanks to brisk growth and impressive fiscal management in Argentina, the 2001 default seems to be fading into the night. But it is still too early to tell how Argentina might have changed the world. We may not know for years. For now, the revolution must wait.


RELATED LINKS

Policy Brief 13-12: Sovereign Damage Control May 2013

Book: Argentina and the Fund: From Triumph to Tragedy July 2002

Paper: What Next for Argentina? February 2004

Testimony: Statement to the Senate Banking Subcommittee on International Trade and Finance March 10, 2004
Revised March 22, 2004

Speech: Did the Washington Consensus Fail? November 6, 2002

Op-ed: No More for Argentina August 16, 2001