Comments by "seneca983" (@seneca983) on "How a Hedge Fund Seized A Navy Ship To Extort Argentina" video.

@tedchou12 "On an individual person level, we have to work hard to repay our debts, why doesn't that apply to countries like Argentina?" If an individual cannot reasonably pay their debts, they may get the debt, or a portion of it, discharged through bankruptcy (though this may depend on jurisdiction). Shouldn't the same apply to countries?
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But it's still a military vessel (if not an actual combat vessel in the present day).
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@obliviouz "There's no "government" that would allow countries to do the same." Of course there is. It's the government of the country in question.
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@obliviouz Governments (more specifically, the legislative branches) are the ones who make the laws. Is there any other law that would make government default illegal?
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@obliviouz "there's no "binding" international law that's above country governments. That's why there's no government that can cancel sovereign debt" No "binding law" hardly means that they can't cancel debt. Debts have both been cancelled with practical success and in such a way that it's been judged as legal if challenged in court. Whatever remains seems to be just a personal opinion that governments "shouldn't" default on their promises but this is just an opinion that other people can disagree with. "unless all the parties actually agree" I the Argentine case all parties (eventually) agreed so it would technically fulfill this requirement. (Most bondholders agreed to exchange the bonds and an agreement with this fund was eventually achieved as well.)
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