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1、Thedebt-crisisCRISIS.Authors:Gopinath,DeepakSource:InstitutionalInvestor-InternationalEdition;Aug2002,Vol.27Issue8,p36,5p,3cDocumentType:ArticleSubjectTerms:*DEBT*FINANCIALcrisesARGENTINA--EconomicconditionsAbstract:FocusesonthedebtcrisisofArgentina.SovereigndebtdefaultedbyArgentina;De
2、btrestructuringproposedbytheU.S.TreasuryandtheInternationalMonetaryFund;IndividualandinstitutionalinvestorsofArgentina'sdebtmarket.FullTextWordCount:3449ISSN:0192-5660AccessionNumber:9800688Persistentlinktothisrecord:http://search.epnet.com/login.aspx?direct=true&db=buh&an=9800688Datab
3、ase:BusinessSourcePremier***Section:MACROECONOMICSThedebt-crisisCRISISItwasn'tperfect,butapactamongtheU.S.Treasury,theIMFandWallStreetsavedmanyasovereigndebtor.Nowthatithascollapsed,policymakerscan'tagreeonhowtocopeinthe"postbailout"era.Crisis-in-point:Argentina.AllanApplesteinisanavun
4、cular70-year-oldgrandfatherfromAventura,Florida.Hemadehimselfamultimillionairebydevelopinganautomatedchickenfeeder.NowhemayjustholdthekeytoresolvingtheArgentineandebtcrisis.Backin2000and2001,Applesteinbought$245,000ofArgentineangovernmentbonds.Theyweremeantasapersonalinvestment,onethat
5、turnedintoadisaster."Weweredeludedbythegovernment,"hesays."EconomyministerDomingoCavalloandpresident[Fernando]delaRúamadestatementsthatArgentinawouldneverdefaultonitsloans,andIwasnaiveenoughtobelievethem."BuenosAires,ofcourse,defaultedonits$141billiondebtinDecember,andCavalloanddelaRúa
6、werehoundedfromoffice.SoApplesteinisnowdoingwhatanyred-bloodedAmericaninvestorwoulddounderthecircumstances:He'ssuingArgentina,seekingfullrepaymentofthebonds.Whenwordofhissuitspread,Applesteinsays,hewasinundatedbysomanycalls,e-mailsandlettersthathedecidedtoexpandhislitigationintoafull-b
7、lownclass-actionsuitonbehalfofallofArgentina'sforeignbondholders.(He'sseparatelysuingtheProvinceofBuenosAiresfornonpaymentonabatchofitsbonds.)"Argentinahasassetsallovertheworld,"pointsoutApplestein."Ifwegetajudgment,solongaswecoulddosolegally,wewouldbecompelledtopursuethoseassets."We
