It once seemed that Argentina was firmly set on a path of
growth and stability. During the bull market of the late 1990s,
when investors believed that Argentina was a safe bet, it was
Miguel Kiguel's job as finance secretary to sell government
bonds around the world. It was a job he performed with great
skill, issuing billions of dollars in debt. He recalls those
years with "nostalgia" since it seemed that "Argentina really
had a possibility to move up. In 1997, the view was that
Argentina would be investment grade by 2000, not a country in
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