Sibling rivalry

It was supposed to be a beacon of light amid a sea of darkness. Instead storm clouds appear to be brewing over Buenos Aires province, as its sovereign older brother threatens to undermine a viable reemergence into the debt markets. Joshua Goodman reports

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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

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