A public debt auction was held with paradoxical ease in June 2017. Argentina – a country with a long history of defaults – sold $2.75 billion of 100-year bonds denominated in US dollars at a yield of 7.9%, just a year after the country settled its 2014 default – the 8th in its history. That settlement took two years to resolve, in part because US courts insisted that the country had to settle the 2001 default at the same time. Three years after the issue, Argentina went bankrupt again and defaulted inter alia, on its 100-year bond, which ended up being a 3-year bond!

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