Lessons from Argentina on the dangers of populism
WE are not going to have any clichés about crying, but we are going to mention Argentina. As you may have seen, the country was forced to cut a deal with a group of its creditors after years of litigation over (cliché alert) the burning of their bonds.
This is new. It used to be said it was a wonder anyone lent to a government, because if it didn't repay, there was nothing much the lenders could do.
They couldn't make a claim on the assets of a sovereign state.