In the event of default, Argentina could be saved by soy, but they'd have to bounce back from some serious setbacks.... pronto

The Fate Of Argentina Could Come Down To The Soybean

Linette Lopez

Let's assume that Argentina absolutely will not pay the "vulture" hedge funds that just successfully (for now) sued the country for $1.3 billion in sovereign bonds.

That could mean that the country would be considered in default, and that could result in calamity.

We'll know by December 15th, because that is when a  New York Court ruled that Argentina must pay all parties that hold its sovereign debt dating back to 2001. 

For the past decade, it has only been paying those that restructured their debt in 2005 and 2010.

This ruling is the culmination of a decade-long legal battle spearheaded by billionaire Paul Singer, and if Argentina defies it, it could mean "game over."

And the terms that the Court has laid down for payment leave little room for funny stuff, though Argentina maintains that it will not pay.

So the worst could happen. But if it does, there is something that could ensure that the Argentina carries on.

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Read more: www.businessinsider.com