The price of an epic fail

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The price of an epic fail

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No matter the cause – court rulings, political schemes or simply human error – the week’s top stories all have one thing in common: a costly failure.

For the second time in 12 years Argentina defaulted on sovereign debt. The country missed an interest payment on restructured bonds, after talks with US “holdouts” went nowhere.

Buenos Aires says it does have the money this time, but that is little consolation for the Argentinian people, who will eventually pay the bill.

The next failure we look at was state-driven, according to a tribunal in the Hague.

Judges say Russia pushed Yukos to bankruptcy to expropriate oil-related assets. Moscow was ordered to pay former shareholders $50 billion.

Finally, we will check out the financial burdens imposed by the Costa Concordia disaster. The wreck has taken its final cruise to Genoa, where it is being expensively dismantled.

All that in this edition of Business Weekly.