RE: Snookered ..26 May 2023 13:10
.."their own freely arrived at legally bound compulsory admission..."
I think you're being a bit naive, tbh. Argentina is where it is atm PRECISELY because it has no regard for its legal undertakings. And it's a serial offender.
See https://www.nationalreview.com/2020/06/argentina-defaults-65-billion-foreign-debt/, which was 3 years ago...
.."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 the world’s default record when it defaulted on $95 billion in external debt in 2001. The bottom line is clear: Argentina is hands down the world’s biggest deadbeat.
It hasn’t always been that way. Argentina, with a landmass five times as large as France’s, was, once upon a time, relatively rich. When the Central Bank of Argentina (BCRA) was established in 1935, the nation’s income per capita was roughly the same as that of the United States. By 1946, when Juan Peron first became president of the republic, the per capita income gap between the U.S. and Argentina had widened, with the U.S. putting distance between itself and Argentina.
With Peron came Peronism (in many ways a variant of fascism), the pursuit of economic autarky, and a clientelist welfare state, a combination that even a rich country could not afford, and which, even after Peron was driven out of office, left a legacy of economic populism that Argentina has never been able to escape. The result was that the country tumbled down the economic standings. Today, per capita income in the U.S. is over three times as high as Argentina’s.
When we speak of the world’s biggest deadbeat, we don’t speak or write about economic development. Instead, it’s economic regression. Argentina is one of those rare countries that were once rich but have become poor.
At the heart of Argentina’s calamitous economy is its central bank and the currency it produces. Indeed, the peso is venomous. The instances of the poison delivered by the peso are almost too numerous to count. To list but a few of Argentina’s major peso collapses: 1952, 1958, 1967, 1975, 1985, 1989, 2001, and 2018/19.
Major peso devaluations have, of course, been associated with each crisis. And with those devaluations, the burden of Argentina’s debt load explodes, and defaults follow...."
'Don't cry for me, Argentina'..
HTH
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