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At a conference at Columbia University this week, Joseph E. Stiglitz, the Columbia economist who was previously the chief economist of the World Bank, said fairness required that all creditors, not just bondholders, be considered when weighing what should happen to a country that cannot pay its bills. That list of creditors would include pension recipients in the country, who might have to go hungry so that a hedge fund could make a large profit on bonds it bought at a deep discount after the country defaulted.
full: http://www.nytimes.com/2014/11/21/business/international/in-argentinas-debt-case-no-winners-but-a-lot-of-losers.html?ref=business
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