Argentina is a nation that may be as famous for being a deadbeat for international loans as it is for anything else. It has had 3 major defaults in the last few decades. Each time it has fought in the world court to cease making payments claiming it is too poor and was taken advantage by wealthy people or nations who loaned it funds. The latest battle is a default occurring while this article is drafted.
Although Argentina owes vast amounts to foreign bondholders, that did not prevent Argentina from lending money to other Latin American Countries, namely Cuba and Paraguay. Interestingly enough, the same Argentina is pressing Cuba to pay its $11 billion in debts. Argentina is also pressing Paraguay to repay $18 billion in loans it owes Argentina. Paraguay referred to Argentina as a vulture for wanting it to make good on the loans it received. You can only shake your head when you see Paraguay referring to Argentina in similar terms as Argentina calls those wanting Argentina to make good on its debts!
So we are witnessing the absurdity of one of the biggest deadbeats wanting different treatment for when it lends rather than when it borrows. How ironic!
Source: Per a Bloomberg BusinessWeek article dated May 25th, 2015 issue.
