ABSTRACT
This chapter provides an analysis of the consequences of unconstitutionality under domestic Argentinian law. It analyses to what extent the conclusions reached according to Argentinian law are of practical significance given that, like in most cases of sovereign debt of developing countries. The relationship between Argentina and its creditors is largely not governed by Argentinian law, but instead by the law the parties to the relevant loan contracts agreed upon, which is usually the law of one of the world financial centres, that is US or English law, or that of the countries of those who hold Argentinian bonds, for example German or Italian law. First of all, the analysis demonstrates that constitutional law could have played an important part in dramatically reducing the problem of the debt burden. Indeed, if constitutional principles had been complied with, large parts of Argentina's debt might not have been incurred, and the debt crisis would accordingly have been avoided.
