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Why Not Default?$
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Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

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“Even in a Default There Is Money to Be Made”

“Even in a Default There Is Money to Be Made”

(p.206) Fifteen “Even in a Default There Is Money to Be Made”
Why Not Default?

Jerome Roos

Princeton University Press

This chapter presents the main outcomes of the Argentine crisis—from the realignment of the domestic balance of forces in the wake of the default, to the aggressive debt restructuring concluded by President Kirchner in 2005. It seeks to explain why Kirchner was both willing and able to pursue a confrontational stance towards the IMF and foreign bondholders, and presents the counterintuitive conclusion that—far from being harmed by the Argentine default—Wall Street actually managed to find innovative ways to turn it to its own advantage. The main beneficiaries of the crisis were not Argentine elites but the speculative foreign investors who managed to find fresh profit opportunities in the country's debt troubles.

Keywords:   financial crisis, debt crisis, Argentina, sovereign debt, debt restructuring, Cristina Fernández de Kirchner

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