Argentina's fall from grace has trampled all over what had been one of the most compelling recovery stories of recent vintage, where reform efforts from its new, market-friendly government had started to reverse years of economic mismanagement. International investors were eager to play along; since Mauricio Macri took office in late 2015, Argentina has issued almost US$50bn of sovereign hard currency bonds. At the turn of the year, it remained a top pick among many emerging market fund managers. But the upbeat mood quickly unravelled.
展开▼
