Argentina has defaulted on its sovereign debt again. And the government is currently going through difficult negotiations with its creditors. Joseph Stiglitz, Edmund Phelps, and Carmen Reinhart, along with many reputable economist co-signers, have asked creditors to negotiate in “good faith.” What they are really asking, however, is for creditors to accept the offer Argentina puts on the table.
To date, Argentina has refused to share any cost of the default and asked creditors to wait until the next government takes office for bond payments to resume. That is an unreasonable ask.