Argentina’s $95bn default is still biting, more than a decade after it first took hold. The government’s fierce line against ‘vulture fund’ hold-outs, and a US court’s pari passu ruling that would make them equal to the owners of restructured bonds, continue to make investors wary of the sovereign, no doubt fearing it will refuse payments and descend into default, although a technical one.
The International Monetary Fund’s (IMF's) short-lived attempt to support Argentina’s case to be reconsidered and brought to the attention of the US Supreme Court was swiftly retracted once the IMF’s largest constituent, the US, gave it the thumbs down.
