Argentina's 11-Year War With Hedge Funds

Crew members work on the hull of Argentina's frigate, ARA Libertad, at the Seaport World Trade Center in Boston Photograph by Lisa Poole/AP Images

Since it defaulted on its debt more than a decade ago, Argentina’s economy has engaged in a Cold War of sorts with international investors. Buenos Aires stuck bondholders with a take-it-or-leave-it exchange offer of 30¢ on the dollar, the harshest sovereign debt haircut in at least half a century.

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