Argentina, the World’s Biggest Deadbeat

Argentina’s Central Bank in Buenos Aires (Agustin Marcarian/Reuters)
Borrow, spend, default; lather, rinse, repeat.

NRPLUS MEMBER ARTICLE O n May 22, Argentina failed to meet interest payments on its sovereign debt. With that, the country tipped into default on its $65 billion mountain of foreign debt. If that’s not enough, Argentina’s provinces are addicted to debt and are buried in it, too. The province of Buenos Aires is already in default, and Cordoba, La Rioja, Salta, Rio Negro, and Chubut have also indicated that they plan to restructure their debt as well.

This is not the first time that Argentina has stiffed its creditors. No, it’s the ninth time. And it’s not Argentina’s largest default, either. Indeed, Argentina set

Steve H. Hanke is a professor of Applied Economics at the Johns Hopkins University in Baltimore. He is a senior fellow and director of the Troubled Currencies Project at the Cato Institute in Washington, D.C.

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