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Argentina Defaults Again

July 31, 2014 in Economics

Argentina entered into economic default on Wednesday for the second time in 13 years after the country was unable to reach an agreement with U.S. creditors. Cato scholar Juan Carlos Hidalgo sums up the recent news: “The authorities in Buenos Aires were given multiple opportunities to reach a deal with the holdout bondholders and yet they decided to make a political rallying point of defying the rule of law. The ultimate losers are the Argentine people who will suffer from a deepening recession, a more pronounced devaluation, and a continuation of their country’s long-term decline.”

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