The Argentine nightmare continues. Attempts by local institutions, then international banks, have failed to either prevent or end last month's default by Argentina, its second in 13 years. The antagonistic rhetoric has heightened and Elliott Associates and the other so-called "holdouts" are squaring off against Argentina's leadership, including President Cristina Fernandez de Kirchner and finance minister Axel Kicillof.
This is familiar ground for me. I co-chaired the Global Committee of Argentina Bondholders leading up to the country's 2005 exchange of its bonds for better terms. I have been involved in more than 20 country debt restructurings and I had never before or since encountered representatives of a country who were more duplicitous, arrogant or who demonized the representatives on the other side of the table more.