Argentina's Debt Picture Looks Increasingly Disastrous

WHEN Argentina proposed a brutal 65% haircut to holders of its defaulted sovereign bonds in a 2005 restructuring, one argument the country’s officials used to justify the offer was that the country could not take on more debt than it could reasonably expect to pay.
As painful as the loss might be, the argument went, at least the new bonds the government would issue would be creditworthy.
Just seven years later, that claim now looks harder to support.

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