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Max Planck Encyclopedia of Public International Law [MPEPIL]

Argentine Debt Crisis

Jörn Axel Kämmerer

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 13 June 2024

Subject(s):
Immunity from jurisdiction, states — Debts — Universal international organizations — Responsibility of states

Published under the auspices of the Max Planck Institute for Comparative Public Law and International Law under the direction of Professor Anne Peters (2021–) and Professor Rüdiger Wolfrum (2004–2020). 

1In 2001 and 2002, Argentina faced one of the largest sovereign defaults in the history of international affairs and by far the largest in its own one (Hornbeck 1, 6). It ‘defaulted on more bonds, in more jurisdictions, and in more currencies than any other emerging economy’ (Roubini and Setser 298). This key case of State bankruptcy has been known ever since as the ‘Argentine debt crisis’. Unlike the preceding (near-)defaults of Russia and Brazil respectively, the Argentine crisis, which was a budgetary and a general economic one at the same time, proved...
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