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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, 2015. All Rights Reserved.date: 26 June 2019

Immunity from jurisdiction, states — Debts — Universal international organizations — Responsibility of states

Published under the auspices of the Max Planck Foundation for International Peace and the Rule of Law under the direction of Rüdiger Wolfrum.

1 In 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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