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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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