Argentina's Default on Rescheduled Debt : Different Perspectives

Argentina's "default" of its rescheduled debt has brought out the multiple vested interests or stakeholders involved. This includes not only Argentina and the vulture funds which are insisting on prioritized full payments, but also the majority bondholders who agreed to rescheduling and the trustee Bank. The many different court processes instigated have shown that legal jurisdiction is also a vested business interest of different countries, notably the US in this case. The paper also looks at other stakeholders including Argentinian businesses, the International Capital Markets Association and the United Nations. In fact, we find that with international capital, we need global governance mechanisms. The paper is written as a pedagogical note for students, and researchers can skip the introduction