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El-Erian on Argentine default

An interesting piece from M. El-Erian:

The emerging markets asset class is also worse off. The Argentine debacle is sure to encourage initiatives by the international community to reduce the chances that minority creditors will be able to wreak similar havoc in the future. The result will be an erosion of creditors’ rights.

http://www.bloombergview.com/articles/2014-07-31/argentine-default-creates-many-losers