Only then can we have a meaningful discussion about the scale of the problem, in which we will want to answer questions like, How many of each type of event are we seeing on a daily basis?
What that entire discussion fails to acknowledge is that the debt problem today is not so much of bloated, spendthrift governments in the periphery of Europe, but the fiscal after-shock of the 2008-2009 worldwide market meltdown of government revenues.
One problem, the discussion paper acknowledges, is that it failed to see how the actual structure of the Argentine economy was combining with the reform process.