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2018 | May | Funniest Headline (so far>
Argentina Is ["]Suddenly["] on the Verge of ANOTHER Economic Collapse
President Mauricio Macri, a business tycoon who vowed to reincorporate Argentina into the global economy, has asked the International Monetary Fund (IMF) for a hefty credit line of at least $19.7 billion to see the country through the rest of his term, which ends in 2019.

When the IMF gets involved, it tends to be the beginning of the end, as we saw in Greece, whose crisis was at its peak between 2009 and 2016...

Actually, the End of the Beginning
I followed Elliot Mgmt v. Republic of Argentina pretty closely at the time, on account of the mysterious ways "English law" and "odious debt" converged with the 'pots and pans' revolution, ECLAC, the IADB but not ISDA, offside yellow cards, 'pariah status,' ray-geem change, and the MEMORABLE wisdom sayings of the Hon. Tho. Griesa.
"Look, the bonds that are covered isn't some indefinite concept," a frustrated Griesa told the packed courtroom in Federal Court. "It's not all particular bonds."
< wipes tears >
So. Macri's first act was to issue NEW! bonds to pay off the "hold-outs."

This month's headline is a few years late, and several billions short of The Economist's smug announcement.

Diversity is the key to economic and political evolution.

by Cat on Mon May 28th, 2018 at 06:47:54 PM EST
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