When Argentina declared its monster default in 2001, it didn’t only trigger mass panic on trading desks across the world. It also immediately set off a chain reaction in the hinterland. From Tierra del Fuego all the way north to the border with Bolivia, cash-strapped provinces were obliged to stop payment on some $20 billion in debt. Leading the pack was Buenos Aires province, Argentina’s largest district and home to the majority of the country’s industry and population.
Unlike the central gover