Tears Shed, Argentina Defies US Financial Control

Although some Argentine holdout bond investors might be feigning shock at Argentina’s recent move to restructure debt in its own legal domain, thumbing its nose at the US legal authority, the truth is this was the highest probability path during the negotiations. So why is anyone surprised that when, as leaked legal documents revealed, Argentina did exactly as expected? Argentina announces debt obligations swap The government of Argentina made it official yesterday, as President Cristina Fernandez de Kirchner, riding a fanatic wave of domestic popularity, said her government will submit legislation to its Congress that allows overseas debt holders to swap their…