domsam

Are We Facing a New Wave of Sovereign Bond Defaults?

_And default is a state of affairs, not a state of mind: you can't say that Argentina is in default just because it is deliberately manipulating its statistics._

If the manipulation is real, the bondholder in effect is being paid a lower coupon rate. than the contractual coupon rate.
In essence there is a restructuring of the bond which I think is a default. And it is the state of affairs.