Argentina seems willing to pay a hefty price to shrug off foreign meddling in national policy. But, as the country floats plans to repay all its $15bn debtwith the International Monetary Fund, the government's far-flung private creditors, who hold $81bn of defaulted bonds, are crying foul.

For the first time in the history of sovereign default, the implicit debt reduction that the official sector will absorb is far exceeded by the loss the private sector will be forced to swallow. If Argentina's restructuring, to be launched this week, goes according to plan, the score will be 20 per cent down for the IMF versus 75 per cent for the markets.