Argentina has now taken the U.S. to The Hague for blocking the country’s 2005 settlement with the bulk of its creditors. The issue underscores the need for an international mechanism for nations to go bankrupt. Better yet would be a sustainable global monetary scheme that avoids the need for sovereign bankruptcy.
For the first time in history, a woman will lead the International Monetary Fund. French Finance Minister Christine Lagarde was tapped to replace Dominique Strauss-Kahn after he was accused of sexually assaulting a maid in New York.