Deus Ex Machina. But why the heck would the banks want to bail out Argentina? And at what price?

Bond markets are abuzz about Argentina’s deal with the Paris Club of creditors on US$9.7 billion of arrears from the 2001 financial crisis. Economy minister Kicillof emerged, in his mind and that of many, victorious. Brilliant diplomatic showmanship.

By Sam Pothecary, Argentina: It said the economy shrank for the first time since 2012. This is confusing to us who live here: Does that mean it had been growing for years of peso devaluations, soaring inflation, unemployment, strikes, rising poverty and crime?

By Bianca Fernet: “Head in hands” photos or “plunging value” graphs that are traditionally displayed when markets fall were selected to accompany news that Argentine warrants tied to GDP crashed when the government revised 2013 GDP growth down to 3%.

In the last 24 hours, the province of Córdoba spiraled out of control, the very fabric of society torn apart. A sudden absence of law and order sent people into a looting frenzy. Residents and store owners boarded up windows, grabbed shotguns, and climbed to their roofs, waiting for the encounter with the enemy.

By Bianca Fernet, Argentina, The Bubble: In 2012, Argentina introduced a 15% tax on credit card purchases made in foreign currency. Which turned into 20%. And now, after promising not to raise it again, the government raised it to 35% and closed the last legal window to acquire dollars at the official rate.