>For countries like ARG where the benchmark bond is a Brady, you have to do some funky maths to strip out the effect of the US T-Bond collateral, hence you often see "stripped yield spread" used interchangeably.
Is a Brady bond just a bond in local currency, backed by US dollars?
>That thing I half-wrote on "How To Default" may become topical in the nextcouple of weeks -- if it does, I will finish it. But my current belief is that Argy is too big to fail.
Could you post it again (or send me a copy)?
Christian