July 11, 2014

How to Tame Argentina's Debt Vultures

Mac Margolis, Bloomberg

AP Photo

What lender in sound mind would agree to renegotiate debt for a troubled nation knowing that some raptor in suspenders, with clever lawyers, could invalidate the whole deal in court? Caught between the cross and the sword, Argentina decided to take the crusade public. Here Kirchner has been masterful, sparing neither dollars nor drama. Kirchner has yet to enlist Pope Francis or the Dalai Lama, but she did dispatch Kicillof to the United Nations, the G-77 summit of developing nations, and that high court of Latin American indulgences, the Organization of American States. There, foreign companeros queued at the microphone to lambaste the loan "pirates" and their "neocolonialist" sponsors, bent on the financial version of gunboat diplomacy.

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