Jump to ContentJump to Main Navigation
Why Not Default?$
Users without a subscription are not able to see the full content.

Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 28 May 2022

The Exception That Proves the Rule

The Exception That Proves the Rule

(p.173) Twelve The Exception That Proves the Rule
Why Not Default?

Jerome Roos

Princeton University Press

On December 23, 2001, Argentina declared a unilateral suspension of payments on $82 billion in public debt, triggering the largest sovereign default in history. This chapter demonstrates how the process leading up to the largest default in history, far from challenging the structural power hypothesis developed in this book, actually confirms it. Argentina, in short, is the exception that proves the rule. To understand why, the chapter takes a closer look at what happened to the three enforcement mechanisms of debtor compliance over the course of the crisis. Initially fully effective, each of them gradually broke down over the course of 2001, making a disorderly Argentine default not only possible but increasingly unavoidable.

Keywords:   financial crisis, debt crisis, Argentina, sovereign debt, default, debtor compliance, public debt

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.