More matter with less art

Felix Salmon on the Argentina debt holdout default thingy whatsit

Right here. Good note. Here’s an extract that shows how Salmon gets it right when many get it wrong:

Like a drowning man grasping at a twig, the market reporter will reach for anything whatsoever, if it could help explain a change in bond prices. 

Which in turn explains the single biggest howler, repeated ad nauseam in the coverage of this story — the patient and ubiquitous explanation that Argentina has every reason to avoid a default, because if it defaults, then it will lose access to international capital markets.

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