Is Argentina being held hostage by greedy speculators or populist politicians? Latin America's third-largest economy is once again on the brink after the government failed to reach a deal with a small minority of bond holders who rejected the terms of the last default in 2001. The country's fate is being decided in New York because the debt was issued in dollars. How can these so-called "vulture funds" be rewarded for piling on the pain when Buenos Aires has since honoured its commitments?

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