More matter with less art

Argentina defaults (Updated)

Yes it is default, as explained in this post eight days ago.

And no it doesn’t matter to Argentina much, as explained in this post six days ago.

Both those posts are standing up to the newsflow very well, nothing else to add.

UPDATE: An interesting development. Argentina bizmedia Ambito Financiero is claiming an exclusive on news that the vulture funds and a group of Argentine banks have come to an agreement on the holdout bonds, with the basic story (and you’re bound to get the details from a thousand sources if this proves to be true) being Argentine bankers will buying the debt from the vultures.

This would mean the default would almost certainly disappear into a puff of thin air, as the new holders of the bonds (the consortium of Argentine banks) would be happy to deal with the government.

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