One Country, Eight Defaults: The Argentine Debacles

Argentina is, by nearly all accounts, catapulting toward default after running up more than $100 billion of debt. Some say it’s just months away. Others say it’s actually already happened on a small portion of bonds, Bloomberg News reported. For even the casual observer, the whole thing has a certain feeling of deja vu. The South American nation is a defaulting machine with few peers in the world. The first episode came in 1827, just 11 years after independence. The most recent one came in 2014. In between, there were six others of varying size and form, according to Carmen Reinhart, a Harvard University economist. Almost all of them were preceded by boom periods as, perhaps most famously, when European migrants transformed Argentina into an agricultural powerhouse and one of the world’s wealthiest countries by the late 19th century. Read more