Argentine government debt negotiators now are fanning across
the world in their first concerted attempt to open talks with
bondholders. It is impossible to feel any sympathy for the
Argentines, since their problems are entirely self-inflicted.
Their negotiating tactics have systematically - by design or
not - alienated nearly all support still left to them in the
outside world. They have defaulted (briefly) on official sector
debt, refused for 22 months to engage in serious talks with
bondholders since defaulting in December 2001, misled officials
at developed country central banks, made an absurdly aggressive
opening offer to bondholders in September and needlessly
angered interlocutors around he world with their arrogance.
All this is part of a pattern of remarkably self-destructive
behavior that has marked Argentina's policies for years. In
December 2001, after...
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