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In the 90s, Argentina's debt continued to expansion. Their lender of last resort, the IMF, continued to lend and extend payment schedules. Much IMF funding comes from the U.S. Our lender of last resort, the Fed, has continued to give loan to the government and for several intents and purposes, are extending payment schedules since debt is continually rolled rather than. Consider the Fed is this approach in order to fill a void by reluctant private lenders at currently low home interest rates and to those same interest rates low - yet more distortion.