Argentina default? Griesafault is much more accurate | Joseph E Stiglitz and Martin Guzman

This was the first time in history that a country was willing and able to pay its creditors but was blocked by a judge Thomas Griesa from doing so

On 30 July Argentina's creditors did not receive their semi-annual payment on the bonds that were restructured after the country's last default in 2001. Argentina had deposited $539m (£320m) in the Bank of New York Mellon a few days before. But the bank could not transfer the funds to the creditors: US federal judge Thomas Griesa had ordered that Argentina could not pay the creditors who had accepted its restructuring until it fully paid including past interest those who had rejected it.

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