Three times in 28 years. Even by our math that on average is once every nine years, about the time we are told many social scientists believe many marriages start to go snap, crackle and pop.
The debt issued during the 1990s took place in an Argentina that had already defaulted on its debt six times since its independence from Spain in 1816 (arguably, one-third of Argentine history has taken place in a state of default), while Argentina also exhibited questionable institutional protection of contracts and property right.
Why investors would want to hook up with a country like this except to make some quick trading profits, which is what some of these folks did, is anyone's guess. Argentina's track record goes way beyond any benefit of doubt.
And the current administration there wheedled and weaseled and threatened and bullied to no avail. Their arrogance and obvious contempt for institutions and legal decorum shouldn't make anyone cry for them, but it should make safety-minded folks want to avoid them for a long, long time.
The people deserve much, much better.
For an excellent summary see: http://www.zerohedge.com/news/2014-07-30/how-argentina-became-bad-debtor.
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