Why Argentina Is Accusing the U.S. of "Legal Colonialism"

Argentina has been pursued through the commercial courts in New York for over a decade by the vulture funds which bought its effectively defaulted debt and rejected what they considered insufficient offers of replacement bonds. The most interesting prospect opened up by this controversy is the possibility that Argentina, as is the practice of its current president, tells the Americans to stuff their rulings and attempts to engage financial markets in Europe and the Far East. The Argentine economy minister has accused the Americans of "legal colonialism," and, for once, that thoroughly disreputable government has a point.