It ultimately took an American hedge fund to unite the Argentine people behind the increasingly unpopular presidency of Cristina Fernández de Kirchner.
Now, after a prolonged fight that has its roots in Argentina’s last debt default over a decade ago, a fight that has weaved its way through the corridors of power in Buenos Aires, via the banks of New York and London, into the highest court of the United States, and with consequences that will reverberate from Brasília to Caracas, Argentina is now defaulting, once again, on its debt obligations.
How did Argentina end up in this situation? And what will happen if Argentina, which technically entered default at midnight earlier today, doesn’t arrive at a deal with its creditors?
Here’s a primer on everything you need to know about the Argentine default — and why it’s such an odd, twisting and ultimately fascinating story about Latin American politics, global finance, US constitutional law and the ‘north-south’ dynamic of international relations. Continue reading Everything you need to know about Argentina’s impending default