In July 2014, Argentina defaulted on a $539m interest payment on its sovereign debt in the latest round of its ongoing legal dispute with bondholders.
By any usual standards, the dealings between Argentina and a minority of its bondholders ought to have been a low-key last act to the drama of the country’s 2001 default. Instead, it is turning into a morality play in which both sides claim the high ground and questions of national sovereignty and security of contract clash noisily in what is becoming an increasingly acrimonious dispute.
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