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Has the biggest sovereign debt default in history passed without answering the urgent legal and policy questions it posed, and with barely a ripple in the global financial markets? So far, pretty much. Lawsuits have not yielded a penny for the creditors. They failed to stop the spring 2005 debt exchange or dent Argentina's recovery. Bondholders failed to stick together; the markets failed to banish a defaulter; and the official sector failed to change the outcome. Thanks to brisk growth and impressive fiscal management in Argentina, the 2001 default seems to be fading into the night. But it is still too early to tell how Argentina might have changed the world. We may not know for years. For now, the revolution must wait.
