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Argentine president Alberto Fernandez recently unveiled his own version of not letting a crisis go to waste: a stunningly aggressive proposal for restructuring his country’s mountain of foreign debt. Buenos Aires intends to pay nothing for three years on more than $65 billion in bonds, according to reports from the financial battlefield.

Many expected new Argentine President Alberto Fernandez to try to deal with the rising debt problem. Hector Torres, a former IMF executive director and senior fellow at the Centre for International Governance Innovation sees some room for negotiation before Argentina's next meeting.

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