😰 Argentina flirts with another debt default

An old newsroom adage holds that routine events, like “dog bites man,” rarely merit a headline. A reversal of that script — “man bites dog” — does. By that logic, Argentina’s latest flirtation with debt default would hardly warrant mention, given how many times the country has been there before.

But each time it happens, investors still seem caught off guard. As Carmen Reinhart and Kenneth Rogoff noted in their classic book on financial crises, markets have a knack for convincing themselves that “this time is different” …

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