And no one here mentioned the true culprit in the Argentinian disaster of the recent years, that is the IMF and the role it played in the default of this country. The IMF in Argentina turned from "being a lender for development to a creditor demanding privileges" (as per Argentina's president Kirchner). And obviously not only there, now we see Ukraine treading the same path.
I had forgotten that the IMF showed up with tanks, guns, biological weapons and nuclear weapons that forced the Argentinian government to borrow money (repeatedly), agree to having disputes litigated in US courts, pretty high interest rates and then try to avoid doing what they agreed when paying it back. Face it, after the default ~13 years ago, no sane person would lend them money without specific guarantees (and ditto before the 13 years ago default, they wanted specific guarantees then too). Argentina keeps making agreements and then failing to live up to them. Each time the requirements get tougher - frankly though I am surprised anyone would loan them any money at all.
I am no fan of the IMF and its policies, most are stupid and just encourage the same bad behavior that leads to the crises in the first place, but blaming the IMF for Argentina's default is like blaming the drug manufacturer for your drug problem. Argentina's government has been profligate for many decades, each time getting worse, trying to live at someone else's expense. Until they realize they can't live beyond their means, this will keep happening. (And the same thing is happening all over: Greece, US, Portugal, Italy, Spain, France, many other places. Everyone thinks they can borrow, borrow, and borrow and never have to repay it because money just grows on trees.)
